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ENSIGN ENERGY SERVICES INC. ANNOUNCES SENIOR NOTES REDEMPTION
ENSIGN ENERGY SERVICES INC. ANNOUNCES SENIOR NOTES REDEMPTION Canada NewsWire ...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n \n \n \n ENSIGN ENERGY SERVICES INC. ANNOUNCES SENIOR NOTES REDEMPTION\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 Nov. 28, 2023\n \n \n /CNW/ - Ensign Energy Services Inc. (\"Ensign\" or \"the Company\") (TSX: ESI) is pleased to announce it has issued the redemption notice for the entire outstanding principal amount, US\n \n $417.5 million\n \n , of its 9.25% Senior Notes (\"Senior Notes\") due\n \n April 15, 2024\n \n , at a price of 100% plus accrued interest to date of redemption. The redemption date for the Senior Notes is\n \n December 14, 2023\n \n . The Company will be using available cash, liquidity, and draw on its previously announced three-year,\n \n $369.0 million\n \n Term Facility. A notice of redemption will be sent to all currently registered holders of the Notes by the Trustee, U.S. Bank.\n \n \n \n \n \n \n \n \n \n As previously announced, the Company has also amended and extended its existing\n \n $900.0 million\n \n Credit Facility. The Company expects the blended interest rate between the Term Facility and the Credit Facility for the fiscal year 2024 to be approximately eight percent.\n \n \n The Company reaffirms its debt reduction target for 2023, targeted to be approximately\n \n $200.0 million\n \n . As of\n \n September 30, 2023\n \n , Ensign's Total debt, net of cash, has been reduced by\n \n $143.7 million\n \n since\n \n December 31, 2022\n \n . Furthermore, Ensign's target debt reduction for the period beginning 2023 to the end of 2025 is approximately\n \n $600.0 million\n \n . If industry conditions change, this target could be increased or decreased.\n \n \n \n Cautionary Statements on Forward-looking Information\n \n \n \n Certain statements in this news release constitute forward-looking statements or information (collectively referred to herein as \"forward-looking statements\") within the meaning of applicable securities legislation. Forward-looking statements generally can be identified by the words \"believe\", \"anticipate\", \"expect\", \"plan\"...