AIMCo increases ownership of Western Energy Services
On May 18, 2022, Alberta Investment Management Corporation ("AIMCo") acquired an additional 2,000,000,000 common shares of Western Energy Services Corp. ("Western"), representing approximately 49.25% of the issued and outstanding common shares, pursuant to the terms of a debt restructuring agreement with Western dated March 21, 2022.
Pursuant to the agreement, AIMCo converted C$100,000,000 of principal amount of indebtedness outstanding under the second lien credit agreement dated October 17, 2017, as amended, between AIMCo and Western into 2,000,000,000 common shares at a conversion price of C$0.05 per share.
The debt conversion was one element of a comprehensive recapitalization by Western to restructure a portion of its outstanding debt and raise new capital.
Further information can be found on Canada Newswire’s website.
Western is an oilfield service company which provides contract drilling services through Horizon Drilling in Canada and Stoneham Drilling Corporation in the United States. In addition, Western provides well servicing through Eagle Well Servicing in Canada, and provides rental services through Aero Rental Services in Canada.
AIMCo is one of Canada's largest and most diversified institutional investment managers with more than C$160 billion of assets under management.