/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
CALGARY, Sept. 18, 2013 /CNW/ - Western Energy Services
Corp. ("Western") (TSX: WRG) announced today that it has
completed the previously announced private offering of $90.0 million aggregate principal amount of 7⅞%
senior unsecured notes due January 30,
2019 (the "Notes"). The Notes were issued at
$1,016.25 per $1000.00 principal amount plus accrued interest
from and including July 30, 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 issuance of the Notes is in addition to
$175.0 million principal amount of
Notes which were issued on January 30,
2012.
The offering was underwritten by RBC Capital
Markets, as sole lead bookrunning manager, in a syndicate that
included Scotia Capital Inc. and HSBC Securities (Canada) Inc.
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 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 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 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.