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Calfrac Gets $200 Million Term Loan/Life Line
Calfrac has annouced that The Alberta Investment Management Corp. (AIMCo) will invest $200 million in the company through a term loan with a annual percentage rate of 9.0%.
Also AIMCo has been warrants to buy 6.9 million shares of Calfrac by june 2019. This is a sweet deal for AIMCo, as any material recovery in prices and as a result Calfrac stock in 2018 or 2019 would see the company exercising those warrants.
The proceeds of the Term Loan will be used by Calfrac for working capital and general corporate purposes, including the repayment of all of Calfrac's current bank indebtedness under its syndicated revolving credit facilities, and the repayment of the borrowings of Calfrac Well Services (Argentina) S.A.
Announced Date
June 11,2016
Value ( $MM )
200
Type
Debt
Company
The Alberta Investment Management Corp.( AIMCo),Calfrac Well Services Ltd.
Regions
Canada
Country
Canada
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