/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY,
Sept. 13, 2013 /CNW/ - Western Energy
Services Corp. ("Western") (TSX: WRG) announced today that
it has priced a private offering of $90.0
million aggregate principal amount of 7⅞% senior unsecured
notes due January 30, 2019 (the
"Notes"). The Notes will be issued at
$1,016.25 per $1000.00 principal amount, plus accrued interest
from and including July 31, 2013.
Western intends to use the net proceeds from the offering to repay
its outstanding indebtedness under its secured credit facilities,
incurred as a result of the acquisition of IROC Energy Services
Corp. in April 2013, and for general
corporate purposes. The offering is in addition to $175.0 million principal amount of the Notes
which were issued on January 30, 2012
and is expected to close on September 18,
2013.
The offering is being underwritten by RBC
Capital Markets, as sole lead bookrunning manager, in a syndicate
that includes Scotia Capital Inc. and HSBC Securities (Canada) Inc.
The Notes will be sold in Canada on a private placement basis pursuant
to certain prospectus exemptions. The Notes will be sold in
the United States and only to U.S.
Persons that are "qualified institutional buyers" in accordance
with Rule 144A under the United States Securities Act of 1933, as
amended (the "Securities Act") and outside the United States to persons other than U.S.
Persons in reliance on Regulation S under the Securities Act.
The offer and sale of the Notes will not be registered under the
Securities Act or any state securities laws and the Notes may not
be offered or sold in the United
States or to, or for the account or benefit of, U.S.
Persons, absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state securities laws.
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 which
such offer, solicitation or sale would be unlawful.
About Western Energy Services Corp.:
Western is an oilfield service company which
provides contract drilling services in Canada through its division Horizon Drilling
and in the United States through
its wholly owned subsidiary Stoneham Drilling Corporation. In
Canada, Western also provides well
servicing through its division Eagle Well Servicing and oilfield
rental services through its division AERO Rental Services.
FORWARD-LOOKING STATEMENTS AND INFORATION:
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 timing and completion of the offering of Notes and 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
offering will be completed. 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, the risk that the offering of Notes will not be
completed as proposed or at all and general economic, market and
business conditions. Readers are cautioned that the foregoing
list of risk and uncertainties is not exhaustive. Additional
information on these and other risks factors that could affect
Western's operations, financial results and the completion of the
offering are included in the 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.
SOURCE Western Energy Services Corp.