Business & Finance
Thu, March 31, 2011Wed, March 30, 2011Tue, March 29, 2011Mon, March 28, 2011Sun, March 27, 2011Fri, March 25, 2011Thu, March 24, 2011Wed, March 23, 2011Tue, March 22, 2011Mon, March 21, 2011Trican Well Service Ltd. Announces Pricing of Proposed Private Placement of Senior Unsecured Notes
Published in Business and Finance on Monday, March 28th 2011 at 5:35 GMT by Market Wire
CALGARY, ALBERTA--(Marketwire - March 28, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Trican Well Service Ltd. (TSX:TCW) is pleased to announce that it has priced a proposed offering of senior unsecured notes on a private placement basis (the "Private Placement") with an aggregate principal amount of approximately $315 million.
The notes proposed to be issued pursuant to the Private Placement would be subject to various terms with an expected average term of 7.5 years, an expected average rate of approximately 5.4% and would be unsecured and rank equally with Trican's bank facilities and other outstanding senior notes.
Upon completion of the offering, Trican intends to use the net proceeds to fund a portion of its 2011 capital expenditure program and for general corporate purposes. The closing of the Private Placement is subject to the execution of a definitive agreement and the successful completion of customary conditions.
The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. The notes have not been and will not be qualified for distribution to the public under applicable Canadian securities law and any offer and sale of the notes in Canada will be made on a basis that is exempt from the prospectus requirement of such securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in a jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Statement Disclaimer
This press release contains forward-looking statements, including, but not limited to, statements regarding the proposed offering of senior unsecured notes, aggregate principal amount of notes, average term of the notes, average rate of the notes, the closing of the private placement offering and the use of proceeds. These forward-looking statements are based on Trican's current assumptions and beliefs. However, these forward-looking statements are subject to, and may be affected by, numerous risks and uncertainties, some of which are beyond Trican's control. Risks that could cause or contribute to these differences include the factors described in Trican's pubic reports and filings, which are available under Trican's profile at [ www.sedar.com ]. In particular, the completion of the offering is subject to the settlement of a definitive agreement and the successful completion of customary closing conditions and there are no assurances that a definitive agreement will be executed, the closing conditions will be met, that the offering will be completed, that the terms of the offering will not be modified or that the use of proceeds will not be revised. Forward-looking statements are subject to change and Trican does not undertake to update, correct or revise any forward-looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.
Headquartered in Calgary, Alberta, Trican has operations in Canada, the US, Russia, and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
