CALGARY,
AB, Nov. 30, 2023 /CNW/ - CES Energy
Solutions Corp. ("CES" or the
"Corporation") (TSX: CEU) (OTC: CESDF) announced today that
it has completed the redemption of the Corporation's outstanding
6.375% Senior Notes due October 21,
2024 (the "Notes"), which had an aggregate principal amount
of $288.0 million, on November 30, 2023 (the "Redemption Date").
The Notes were redeemed at a redemption price equal to 100% of
the principal amount thereof, plus accrued and unpaid interest to,
but excluding, the Redemption Date. Interest on the Notes ceased to
accrue on and after the Redemption Date.
CES redeemed the Notes by drawing down on its available
$250.0 million Canadian Term Loan
Facility, with the balance of approximately $40.0 million drawn from its $450.0 million Syndicated Credit Facility, which
had a net draw of $92.2 million at
September 30, 2023. These facilities
mature on April 25, 2026, and provide
CES with ample liquidity to support its current business
requirements and potential future business requirements.
About CES Energy Solutions Corp.
CES is a leading provider of technically advanced consumable
chemical solutions throughout the lifecycle of the oilfield. This
includes solutions at the drill-bit, at the point of completion and
stimulation, at the wellhead and pump-jack, and finally through to
the pipeline and midstream market. CES' business model is
relatively asset light and requires limited re-investment capital
to grow. As a result, CES has been able to capitalize on the
growing market demand for drilling fluids and production and
specialty chemicals in North
America while generating free cash flow.
Additional information about CES is available at www.sedar.com
or on the Corporation's website at www.cesenergysolutions.com.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
SOURCE CES Energy Solutions Corp.