Ensign to repay revolving credit facility with common stock proceeds

By Tali Rackner

Norfolk, Va., Feb. 9 – Ensign Group, Inc. plans to repay outstanding borrowings under its revolving credit facility with the proceeds from a common stock offering, according to a 424B5 filing with the Securities and Exchange Commission.

Proceeds will also be used for general corporate purposes, which could include working capital, capital expenditures and acquisitions.

As of Monday, there was about $94 million outstanding under the revolver, which matures in May 2019.

An affiliate of Wells Fargo Securities, LLC is a lender and serves as syndication agent, and Wells Fargo Securities, LLC is a joint lead arranger and joint book manager under the revolver.

Ensign Energy Services is an oilfield services contractor based in Calgary, Alta.

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