The Canadian pressure pumper sold 20.37 million shares at C$1.35 each and will place the proceeds in a specific account that allows the cash to count towards the company’s earnings.
The move will allow Calfrac to maintain its ratio of debt to earnings that is specified in the company’s credit facility, which was re-negotiated earlier this month.
A consortium of underwriters comprised of Peters & Company, HSBC Securities, RBC Capital Markets, AltaCorp Capital, CIBC World Markets, Scotia Capital and FirstEnergy Capital purchased the shares in a bought-deal arrangement.
Termed
