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Calfrac Wraps Up $27.5 Million Private Placement

Calfrac Well Services Ltd. reported the closing of its previously announced bought deal private placement of 20,370,370 common shares of Calfrac at a price of $1.35 per Share, for total gross proceeds of approximately $27.5 million. 

The Offering was led by Peters & Co. Limited, as lead underwriter on behalf of a syndicate of underwriters including HSBC Securities ( Canada ) Inc., RBC Capital Markets, AltaCorp Capital Inc., CIBC World Markets Inc., Scotia Capital Inc. and FirstEnergy Capital Corp.

The net proceeds of the Offering will be held in a segregated account such that they may be utilized in the calculation of EBITDA towards Calfrac's covenant to maintain a specified funded debt to EBITDA ratio. The application of new equity issue proceeds in this manner, referred to as an "Equity Cure", may take place in any of the quarters ending prior to and including December 31, 2017 , subject to certain conditions. If the net proceeds are not utilized as an Equity Cure, it is expected that they will be used by Calfrac to fund capital expenditures, to reduce Calfrac's outstanding indebtedness and/or for general working capital and corporate purposes.

Calfrac's largest single shareholder, Matco Investments Ltd., participated in the Offering at its effective pro rata ownership percentage (20.45%).

Announced Date
December 22,2015
Value  ( $MM )
Use of Fund
Debt Reduction
Calfrac Well Services Ltd.
/Book Runner
HSBC Securities ( Canada ) Inc.,RBC Capital Markets,AltaCorp Capital Inc.,CIBC,Scotia Capital Inc.,Firstenergy Capital Corp.

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