Western Energy Services Corp. announces completion of private offering of senior notes
January 29 2012 - 5:03AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ CALGARY, Jan. 30, 2012 /CNW/ -
Western Energy Services Corp. ("Western") announced today that it
has completed its previously announced private offering of C$175.0
million aggregate principal amount of 7⅞% senior unsecured notes
due January 30, 2019 (the "Notes"). The notes were
issued at par. Western intends to use the net proceeds from the
offering to repay all of its outstanding indebtedness under its
secured credit facilities and for general corporate purposes.
In conjunction with the closing of the sale of the Notes, Western
has also voluntarily reduced its revolving credit facility from
C$150 million to C$125 million. Western's operating facility
of C$10 million remains unchanged. The offering was underwritten by
RBC Capital Markets, as sole lead bookrunning manager, in a
syndicate that included HSBC Securities (Canada) Inc., AltaCorp
Capital Inc. and GMP Securities L.P. This press release and the
information contained herein does not constitute an offer of the
notes for sale in the United States and the notes may not be
offered or sold in the United States, absent registration or an
applicable exemption from the registration requirements of the
United States Securities Act of 1933, as amended and applicable
state securities laws. The notes have not been and will not be
registered under the United States Securities Act of 1933, as
amended. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the Notes, nor shall there
be any offer or sale of the Notes in any jurisdiction in which such
offer, solicitation or sale would be unlawful. About Western Energy
Services Corp.: Western is an oilfield services company which
provides contract drilling services through its wholly-owned
subsidiaries Horizon Drilling Inc. in Canada and Stoneham Drilling
Corporation in the United States. In addition, Western has
commenced operations of its wholly-owned subsidiary Matrix Well
Servicing Inc. with the first two of five next generation well
servicing rigs now delivered. FORWARD-LOOKING STATEMENTS AND
INFORMATION: This press release contains forward-looking statements
and forward-looking information within the meaning of applicable
securities laws. All statements other than statements of historical
fact contained in this press release may be forward-looking
statements and forward-looking information. In particular,
forward-looking information and statements in this press release
include, but are not limited to, the use of the net proceeds from
the offering. These forward-looking statements and information are
based on certain key expectations and assumptions made by Western,
including the assumption that the proceeds will be used as
currently intended. Although Western believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information as Western
cannot give any assurance that they will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, general economic, market and
business conditions. Readers are cautioned that the foregoing list
of risks and uncertainties is not exhaustive. Additional
information on these and other risk factors that could affect
Western's operations, financial results and the completion of the
offering are included in Western's annual information form and the
other disclosure documents filed by Western with securities
regulatory authorities which may be accessed through the SEDAR
website at www.sedar.com. The forward-looking statements and
information contained in this press release are made as of the date
hereof and Western does not undertake any obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws. Western Energy
Services Corp. CONTACT: Dale E. Tremblay Alex MacAusland Jeffrey K.
BowersChief Executive Officer President and COO VP Finance and
CFO403.984.5929 403.984.5932 403.984.5933dtremblay@wesc.ca
amacausland@wesc.ca jbowers@wesc.caWestern Energy Services
Corp.900, 606 - 4th Street S.W.Calgary, Alberta T2P 1T1Ph:
403.984.5916 Fax: 403.984.5917
Copyright
Western Energy Services (TSX:WRG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Western Energy Services (TSX:WRG)
Historical Stock Chart
From Jul 2023 to Jul 2024