Closing of $140 Million Senior Unsecured Note Financing /NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION
ON TO UNITED STATES NEWSWIRE SERVICES./
(All financial figures are approximate and in Canadian dollars unless otherwise noted)
CALGARY, AB, Oct. 4, 2021 /CNW/ - SECURE Energy Services Inc. ("SECURE") (TSX: SES), announced today that it has successfully closed its previously announced private offering (the "Offering") of $140 million aggregate principal amount of 7.25% senior unsecured notes due December 30, 2026 (the "Notes") at an issue price of $100.75, representing a yield of approximately 7%. The Offering was underwritten by National Bank Financial Markets.
As previously disclosed, SECURE intends to use the net proceeds of the Offering to fund partial redemptions (collectively, the "Redemptions"), of US$100 million aggregate principal amount of the outstanding US$400 million aggregate principal amount of 11.000% senior second lien secured notes due 2025 (the "2025 Notes") previously issued by Tervita Corporation ("Tervita"), in respect of which SECURE became the obligor following its acquisition of all of the issued and outstanding securities of Tervita on July 2, 2021. The Redemptions are anticipated to occur on October 7 and 8, 2021. Upon completion of the Redemptions, US$300 million aggregate principal amount of the 2025 Notes are expected to be outstanding. Any remaining net proceeds from the Offering will be used to pay fees and expenses incurred in connection with the Offering and for general corporate purposes.
The Notes were conditionally offered for sale in Canada on a private placement basis pursuant to certain prospectus exemptions. The Notes have not been registered under the U.S. Securities Act of 1933 (the "U.S. Securities Act"), or any state securities laws, and are being offered and sold in the United States only to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act and applicable state securities laws and outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
https://www.newswire.ca/news-releases/secure-energy-services-inc-announces-closing-of-140-million-senior-unsecured-note-financing-866117091.html