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UPDATE: Canadian Energy Services Closes Offering of $225 Mln Senior Unsecured Notes; Shares Down 1.7% Late Morning

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Canadian Energy Services & Technology Corp. (CEU.TO) has completed its previously announced private offering of $225.0 million aggregate principal amount of 7.375% senior unsecured notes due April 17, 2020. The notes were issued at par.

The company intends to use the net proceeds from this offering to permanently repay its $160 million bridge facility and $10 million vendor take back notes, to refinance certain amounts outstanding under its credit facilities, and for general corporate purposes.

Shares are down 21 cents (1.68%) to $12.29 late morning.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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