By Devika Patel
Knoxville, Tenn., Nov. 30 - Canadian Energy Services LP said it has arranged a C$10 million private placement of units via a syndicate of underwriters led by RBC Capital Markets and Cormark Securities Inc.
The company will sell 1 million class A common limited partnership units at C$10.00 apiece.
Settlement is expected Dec. 15.
Proceeds will fund the company's planned acquisition of Champion Drilling Fluids Inc., be used to repay debt and to fund certain capital and general corporate expenditures.
Based in Calgary, Alta., Canadian Energy Services designs drilling fluid systems for oil and gas producers.
| Issuer: | Canadian Energy Services LP
|
| Issue: | Class A common limited partnership units
|
| Amount: | C$10 million
|
| Units: | 1 million
|
| Price: | C$10.00
|
| Warrants: | No
|
| Agent: | RBC Capital Markets and Cormark Securities Inc. (leads)
|
| Pricing date: | Nov. 26
|
| Settlement date: | Dec. 15
|
| Stock symbol: | Toronto: CEU.UN
|
| Stock price: | C$10.70 at close Nov. 26
|
| Market capitalization: | C$121 million
|
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