By Devika Patel
Knoxville, Tenn., Nov. 13 - High Arctic Energy Services Inc. said it closed a C$23 million private placement of convertible debentures. The deal priced on Oct. 26 for C$20 million with a 15% greenshoe and was repriced on Nov. 9.
As previously reported, the debentures have a conversion price of C$1.62, lowered from the initial price of C$1.94. They have a 12% coupon and mature on Dec. 31, 2012.
Canaccord Adams Ltd. is the underwriter and has the option to purchase an additional C$10 million of the notes for 72 hours after closing.
Proceeds will be used to finance a joint venture agreement with a third party oilfield service company and to provide additional working capital.
High Arctic, formerly High Arctic Energy Services Trust, is an open-ended investment trust based in Red Deer, Alta.
| Issuer: | High Arctic Energy Services Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$23 million
|
| Greenshoe: | C$10 million
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 12%
|
| Conversion price: | C$1.62
|
| Warrants: | No
|
| Underwriter: | Canaccord Adams Ltd.
|
| Pricing date: | Oct. 26
|
| Repriced: | Nov. 9
|
| Settlement date: | Nov. 13
|
| Stock symbol: | Toronto: HWO
|
| Stock price: | C$1.68 at close Oct. 25
|
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