Western Energy Services Corp. announces completion of private offering of senior notes

About this update from Western Energy Services Corp.

[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Jan. 30, 2012 /CNW/ - Western Energy Services Corp. (\"Western\") (TSX: WRG) announced today that it has completed its previously\n announced private offering of C$175.0 million aggregate principal\n amount of 7⅞% senior unsecured notes due January 30, 2019 (the \"Notes\").  The notes were issued at par. Western intends to use the net\n proceeds from the offering to repay all of its outstanding indebtedness\n under its secured credit facilities and for general corporate\n purposes.  In conjunction with the closing of the sale of the Notes,\n Western has also voluntarily reduced its revolving credit facility from\n C$150 million to C$125 million.  Western's operating facility of C$10\n million remains unchanged.\n\n\nThe offering was underwritten by RBC Capital Markets, as sole lead\n bookrunning manager, in a syndicate that included HSBC Securities\n (Canada) Inc., AltaCorp Capital Inc. and GMP Securities L.P.\n\n\nThis press release and the information contained herein does not\n constitute an offer of the notes for sale in the United States and the\n notes may not be offered or sold in the United States, absent\n registration or an applicable exemption from the registration\n requirements of the United States Securities Act of 1933, as amended\n and applicable state securities laws. The notes have not been and will\n not be registered under the United States Securities Act of 1933, as\n amended.\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 in which such offer,\n solicitation or sale would be unlawful.\n\n\nAbout Western Energy Services Corp.:\n\n\nWestern is an oilfield services company which provides contract drilling\n services through its wholly-owned subsidiaries Horizon Drilling Inc. in\n Canada and Stoneham Drilling Corporation in the United States.  In\n addition, Western has commenced operations of its wholly-owned\n subsidiary Matrix Well Servicing Inc. with the first two of five next\n generation well servicing rigs now delivered.\n\n\nFORWARD-LOOKING STATEMENTS AND INFORMATION:\n\n\nThis press release contains forwa...

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