Shawcor buys back $75 million of senior notes at 101 purchase price

By Susanna Moon

Chicago, April 5 – ShawCor Ltd. said it repurchased $75 million of its senior notes on Tuesday at a purchase price of $75.75 million plus accrued interest.

After the repurchase, Shawcor continues to hold about C$182 million in cash and cash equivalents and has $275 million of senior notes outstanding, as follows:

• $82 million of 2.98% senior notes, series A, due March 31, 2020;

• $79 million of 3.67% senior notes, series B, due March 31, 2023;

• $76 million of 3.82% senior notes, series C, due March 31, 2025; and

• $38 million of 4.07% senior notes, series D, due March 31, 2028.

The repurchases were made with available cash “in order to improve the company’s ability to handle the risks and opportunities posed by the current market environment and to facilitate future continuing compliance with debt covenants,” according to a company press release.

ShawCor is an energy services company based in Toronto.

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