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ENSIGN ENERGY SERVICES INC. - ANNOUNCES NOTICE ISSUED OF EARLY REDEMPTION OF THE UNSECURED SUBORDINATED CONVERTIBLE DEBENTURES DUE MAY 1, 2023
ENSIGN ENERGY SERVICES INC. - ANNOUNCES NOTICE ISSUED OF EARLY REDEMPTION OF THE UNSECURE...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n \n \n \n ENSIGN ENERGY SERVICES INC. - ANNOUNCES NOTICE ISSUED OF EARLY REDEMPTION OF THE UNSECURED SUBORDINATED CONVERTIBLE DEBENTURES DUE MAY 1, 2023\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n April 8, 2022\n \n \n /CNW/ - Ensign Energy Services Inc. (\"Ensign\" or \"the Company\") is pleased to announce that it has issued a notice to redeem early, subject to preexisting conversion rights, all of its outstanding\n \n $37,000,000\n \n aggregate principal amount of unsecured subordinated convertible debentures (\"Debentures\") on\n \n June 7, 2022\n \n , (the \"Redemption Date\"). The Debentures, which have a maturity date of\n \n May 1, 2023\n \n , provide the holders of the Debentures with the right to convert the Principal Sum to common shares of the Company up to five Business Days prior to the Redemption Date at a conversion price of\n \n $1.75\n \n per common share.\n \n \n On the Redemption Date, the Corporation will pay any holders of Debentures, who have not previously elected to convert such Debentures into common shares, a redemption price equal to the principal amount of Debentures and all accrued and unpaid interest up to but excluding the Redemption Date. The Company has received consent from the lenders of the Bank Credit Facility to permit the Company to use cash on hand to pay the redemption price of any redeemed Debentures that have not been converted prior to the Redemption Date.\n \n \n Ensign is a global leader in oilfield services, headquartered out of\n \n Calgary, Alberta\n \n , operating in\n \n Canada\n \n ,\n \n the United States\n \n and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas, and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Please visit our website at\n \n ensignenergy.com\n \n .\n \n \n Ensign's Common Shares are publicly...