By Devika Patel
Knoxville, Tenn., Nov. 9 - High Arctic Energy Services Inc. said it was repricing a private placement of convertible debentures. The notes priced on Oct. 26 for C$20 million.
High Arctic said it expects the deal to close on Nov. 13.
The debentures now will have a conversion price of C$1.62, lowered from the initial price of C$1.94. They still will have a 12% coupon and mature on Dec. 31, 2012.
As previously reported, Canaccord Adams Ltd. is the agent and has the option to purchase an additional C$10 million of the notes and a greenshoe of 15%.
Proceeds will be used to finance a joint venture agreement with a third-party oilfield service company and to provide additional working capital.
High Arctic, formerly High Arctic Energy Services Trust, is an open-ended investment trust based in Red Deer, Alta.
| Issuer: | High Arctic Energy Services Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$20 million
|
| Greenshoe: | 15%
|
| Maturity: | Dec. 31, 2012
|
| Coupon: | 12%
|
| Conversion price: | C$1.62
|
| Warrants: | No
|
| Agent: | Canaccord Adams Ltd.
|
| Pricing date: | Oct. 26
|
| Repriced: | Nov. 9
|
| Settlement date: | Nov. 13
|
| Stock symbol: | Toronto: HWO
|
| Stock price: | C$1.68 at close Oct. 25
|
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