Business
Western Energy Services Corp. announces private offering and pricing 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. 13, 2013 /CNW/ - Western Energy Services Corp. (\"Western\") (TSX: WRG) announced today that it has priced a private offering of\n $90.0 million aggregate principal amount of 7⅞% senior unsecured notes\n due January 30, 2019 (the \"Notes\").  The Notes will be issued at  $1,016.25 per $1000.00 principal\n amount, plus accrued interest from and including July 31, 2013. Western\n intends to use the net proceeds from the offering to repay its\n outstanding indebtedness under its secured credit facilities, incurred\n as a result of the acquisition of IROC Energy Services Corp. in April\n 2013, and for general corporate purposes. The offering is in addition\n to $175.0 million principal amount of the Notes which were issued on\n January 30, 2012 and is expected to close on September 18, 2013.\n\n\nThe offering is being underwritten by RBC Capital Markets, as sole lead\n bookrunning manager, in a syndicate that includes Scotia Capital Inc.\n and HSBC Securities (Canada) Inc.\n\n\nThe Notes will be sold in Canada on a private placement basis pursuant\n to certain prospectus exemptions. The Notes will be sold in the United\n States and only to U.S. Persons that are \"qualified institutional\n buyers\" in accordance with Rule 144A under the United States Securities\n Act of 1933, as amended (the \"Securities Act\") and outside the United States to persons other than U.S. Persons in\n reliance on Regulation S under the Securities Act.  The offer and sale\n of the Notes will not be registered under the Securities Act or any\n state securities laws and the Notes may not be offered or sold in the\n United States or to, or for the account or benefit of, U.S. Persons,\n absent registration or an applicable exemption from the registration\n requirements of the Securities Act and applicable state securities\n laws.\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 thro...