Savanna buys back C$39.6 million 7% notes in change-of-control offer

By Susanna Moon

Chicago, June 23 – Savanna Energy Services Corp. said investors had tendered C$39.6 million of its C$107,085,000 outstanding 7% senior notes due 2018 in the change-of-control offer that ended at 6 p.m. ET on June 22.

The purchase price was 101% of par, for a total price of C$40.2 million including accrued interest, according to a company notice on Friday.

After the purchase, there is $67.5 million principal amount of the notes left outstanding.

The company said on April 24 that the offer was being made in connection with Total Energy Services Inc.’s acquisition of more than 50% of Savanna’s outstanding common shares.

Phillips, Hager & North Investment Management holds C$60 million principal amount of the notes and had agreed not to tender the notes in the offer.

Savanna is a contract drilling and oilfield services company. Total Energy is an oil drilling contractor. Both are based in Calgary, Alta.

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