Ensign Energy Services Inc. (TSX: ESI) has completed a US $300 million senior unsecured notes private placement.
The financing consists of 1) US $100 million in five year notes with an interest rate of 3.43% and a maturity date of February 22, 2017; 2) US $100 million in seven year notes with an interest rate of 3.97% and a maturity date of February 22, 2019; and 3) US $100 million in ten year notes with an interest rate of 4.54% and a maturity date of February 22, 2022.
The notes are unsecured and rank equally with Ensign’s bank facilities.
Ensign has used net proceeds to repay US $300 million of its recent US $400 million term facility that was put in place for the acquisition of the Rowan Land Drilling division and for general corporate purposes.
HSBC Securities (USA) Inc. acted as the sole bookrunner and lead private placement agent. J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as co-placement agents for the private placement.
