Transaction|April 17, 2013
Canadian Energy Services announces closing of offering of C$225 million senior unsecured notes
Torys acted as counsel to Canadian Energy Services with a team that included Scott Cochlan, Kevin Fougere, Janan Paskaran, Leah Dickie, Elizabeth Burton, Matthew Lui (securities) and Craig Maurice (tax).
On April 17, 2013, Canadian Energy Services & Technology Corp. (Canadian Energy Services) announced the completion of its previously announced private offering of C$225 million aggregate principal amount of 7.375% senior unsecured notes due April 17, 2020, which were issued at par.
Scotia Capital Inc. and RBC Dominion Securities Inc. acted as joint bookrunners for the offering, in a syndicate that included Stifel Nicolaus Canada Inc., HSBC Securities (Canada) Inc. and Cormark Securities Inc.
CESTC intends to use the net proceeds from this offering: (i) to permanently repay its $160 million bridge facility and $10 million vendor take back notes incurred in connection with the acquisition of the production and speciality oilfield chemical business of JACAM Chemical Company, Inc.; (ii) to refinance certain amounts outstanding under its credit facilities; and (iii) for general corporate purposes.
Canadian Energy Services' business is focused on the design and delivery of technically advanced fluids for the North American oil and gas industry.
Further information can be found on Canadian Energy Services' website.
Scotia Capital Inc. and RBC Dominion Securities Inc. acted as joint bookrunners for the offering, in a syndicate that included Stifel Nicolaus Canada Inc., HSBC Securities (Canada) Inc. and Cormark Securities Inc.
CESTC intends to use the net proceeds from this offering: (i) to permanently repay its $160 million bridge facility and $10 million vendor take back notes incurred in connection with the acquisition of the production and speciality oilfield chemical business of JACAM Chemical Company, Inc.; (ii) to refinance certain amounts outstanding under its credit facilities; and (iii) for general corporate purposes.
Canadian Energy Services' business is focused on the design and delivery of technically advanced fluids for the North American oil and gas industry.
Further information can be found on Canadian Energy Services' website.