Business
Western Energy Services Corp. announces private offering and pricing of senior unsecured notes
/ NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITE...
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. 20, 2012 /CNW/ - Western Energy Services Corp. (\"Western\") (TSX: WRG) announced today that it has priced a private offering of\n C$175.0 million aggregate principal amount of 7⅞% senior unsecured\n notes due January 30, 2019 (the \"Notes\"). The Notes will be 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. The offering is expected to close on January 30, 2012.\n\n\nThe offering is being underwritten by RBC Capital Markets, as sole lead\n bookrunning manager, in a syndicate that includes HSBC Securities\n (Canada) Inc., AltaCorp Capital Inc. and GMP Securities L.P.\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 to U.S. Persons only to \"qualified institutional buyers\" in\n accordance with Rule 144A under the United States Securities Act of\n 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\nAs a result of the issuance of the Notes, Western is voluntarily\n reducing its revolving credit facility from C$150 million to C$125\n million. Western's operating facility of C$10 million will remain\n unchanged.\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 H...