By Laura Lutz
Washington, Feb. 16 - Leader Energy Services Ltd. arranged a private placement of senior unsecured convertible debentures for C$10 million.
The 10% debentures will pay interest semiannually and will mature at least five years and a day after closing.
They will be convertible at C$1.60 per share.
The agents, a syndicate of investment dealers led by Westwind Partners Inc., have a greenshoe for up to C$5 million of additional debentures, exercisable until two business days before closing.
Settlement is expected on Feb. 28.
Proceeds will be used for debt repayment and general corporate purposes.
Leader Energy is a Calgary, Alta.-based provider of well stimulation and cementing services.
| Issuer: | Leader Energy Services Ltd.
|
| Issue: | Senior unsecured convertible debentures
|
| Amount: | C$10 million
|
| Maturity: | Five years and a day (minimum)
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$1.60
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 28
|
| Stock symbol: | TSX Venture: LEE
|
| Stock price: | C$1.45 at close Feb. 15
|
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