Business
Western Energy Services Corp. announces completion of private offering of additional senior unsecured notes
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UN...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Sept. 18, 2013 /CNW/ - Western Energy Services Corp. (\"Western\") (TSX: WRG) announced today that it has completed the previously\n announced private offering of $90.0 million aggregate principal amount\n of 7⅞% senior unsecured notes due January 30, 2019 (the \"Notes\").  The Notes were issued at $1,016.25 per $1000.00 principal amount\n plus accrued interest from and including July 30, 2013. Western intends\n to use the net proceeds from the offering to repay its outstanding\n indebtedness under its secured credit facilities, incurred as a result\n of the acquisition of IROC Energy Services Corp. in April 2013, and for\n general corporate purposes. The issuance of the Notes is in addition to\n $175.0 million principal amount of Notes which were issued on January\n 30, 2012.\n\n\nThe offering was underwritten by RBC Capital Markets, as sole lead\n bookrunning manager, in a syndicate that included Scotia Capital Inc.\n and HSBC Securities (Canada) Inc.\n\n\nThis press release shall not constitute an offer to sell or the\n solicitation of an offer to buy the Notes, nor shall there be any offer\n or sale of the Notes in any jurisdiction which such offer, solicitation\n or sale would be unlawful.\n\n\nAbout Western Energy Services Corp.:\n\n\nWestern is an oilfield service company which provides contract drilling\n services in Canada through its division Horizon Drilling and in the\n United States through its wholly owned subsidiary Stoneham Drilling\n Corporation.  In Canada, Western also provides well servicing through\n its division Eagle Well Servicing and oilfield rental services through\n its division AERO Rental Services.\n\n\nFORWARD-LOOKING STATEMENTS AND INFORATION:\n\n\nThis press release contains forward-looking statements and\n forward-looking information within the meaning of applicable securities\n laws.  All statements other than statements of historical fact\n contained in this press release may be forward-looking statements and\n forward-looking information.  In particular, forward-looking\n information and statements in this press release include, but are not\n limited to, the use of the net proceeds from the offering.  These\n forward-looking statements and in...