High Arctic sets talk for $130 million five-year notes at 10¼%-10½%

By Paul A. Harris

St. Louis, June 22 - High Arctic Energy Services Trust set price talk for its $130 million offering of five-year fixed-rate bonds at 10¼% to 10½%, according to a company press release.

An informed source told Prospect News that the deal will be presented to investors on Monday in London and on Tuesday in New York City.

SEB Merchant Banking and Swedbank, both Norwegian banks, are the arrangers for the note offering.

Proceeds will be used to repay bank debt and fund capital expenditures.

High Arctic is a Red Deer, Alta., provider of specialized oilfield equipment and services.

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