By Sheri Kasprzak
New York, Feb. 28 - Leader Energy Services Ltd. wrapped a private placement of senior unsecured convertible debentures for C$15 million, including an over-allotment option for C$5 million.
The 10% debentures are due March 13, 2012 and are convertible at C$1.60 each.
A syndicate of agents led by Westwind Partners Inc. exercised a greenshoe for C$5 million. The deal priced Feb. 16 for C$10 million.
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$15 million (includes greenshoe for C$5 million)
|
| Maturity: | March 13, 2012
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$1.60
|
| Warrants: | No
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 28
|
| Stock symbol: | TSX Venture: LEE
|
| Stock price: | C$1.45 at close Feb. 15
|
| Stock price: | C$1.11 at close Feb. 28
|
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