Western Energy to redeem 7 7/8% senior notes via financing proceeds

By Sarah Lizee

Olympia, Wash., Sept. 22 – Western Energy Services Corp. plans to redeem its 7 7/8% senior notes using proceeds from recent financings along with cash on hand, according to a press release.

The company announced on Friday that it entered agreements with Alberta Investment Management Corp. (Aimco) for a C$215 million second-lien term loan, along with an issue of warrants to Aimco for 7,099,546 common shares.

Western also arranged a bought deal equity offering of 9.1 million common shares at C$1.25 per share to raise C$11,375,000 and a private placement for the same number of shares at the same price.

Western Energy is a Calgary, Alta.-based oilfield drilling company.

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