By Cristal Cody
Prospect News, May 19 - Savanna Energy Services Corp. priced C$125 million of 7% senior notes due May 25, 2018 at par, or a spread of 413 basis points over the Government of Canada benchmark, on Thursday, said an informed bond source involved in the sale.
The notes (/B+/DBRS: B) priced on the tight end of initial guidance in the low 7% area.
TD Securities Inc. and RBC Capital Markets Corp. were the managers.
Proceeds will be used to pay down the company's bank facility.
Calgary, Alta.-based Savanna Energy is a drilling and well servicing provider in the oil and gas industry.
| Issuer: | Savanna Energy Services Corp.
|
| Amount: | C$125 million
|
| Maturity: | May 25, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | TD Securities Inc., RBC Capital Markets Corp.
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 413 bps over Government of Canada benchmark
|
| Pricing date: | May 19
|
| Settlement date: | May 25
|
| Ratings: | Standard & Poor's: B+
|
| DBRS: B
|
| Distribution: | Canada
|
| Price talk: | Low 7% area
|
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