High Arctic cuts convertibles interest to 10%, reflecting lower leverage ratio

By Susanna Moon

Chicago, Dec. 1 - High Arctic Energy Services Inc. said it notified holders of its unsecured convertible debentures that the interest rate will fall to 10% from 12% effective Dec. 1.

The drop was triggered as a result of the consolidated leverage ratio being below 5 to 1 as of Sept. 30, as calculated according to the debenture agreement.

High Arctic is based in Red Deer, Alta., and provides specialized oilfield equipment and services through its subsidiaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.