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High Arctic pulls $130 million five-year bond deal, opts for bank debt instead
By Andrea Heisinger
Omaha, July 6 - High Arctic Energy Services Trust pulled a $130 million five-year bond deal Friday that was expected to price this week, and instead refinanced its credit facility, according to a press release from the company
The Red Deer, Alta., provider of specialized oilfield equipment and services had been talking its bonds at 10¼% to 10½%.
Instead High Arctic has secured up to $155 million in financing from a Canadian affiliate of GE Energy Financial Services to refinance its senior secured revolving credit facility.
SEB Merchant Banking and Swedbank were set to be joint bookrunners on the bond deal.
Proceeds were to be used to repay bank debt and fund capital expenditures.
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