Dec 15, 2017 07:42 ET
Enerflex Announces Closing of Private Placement Offering of US$175 Million and C$45 Million of Senior Unsecured Notes
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CALGARY, Alberta, Dec. 15, 2017 (GLOBE NEWSWIRE) -- Enerflex Ltd. (TSX:EFX) (“Enerflex” or “the Company” or “we” or “our”) today announced that it has closed a private placement offering of senior unsecured notes. The private placement offering, conducted on a best-efforts basis and co-led by CIBC World Markets Corp and TD Securities (USA) LLC, resulted in the successful issuance of US$105 million of 7-year notes bearing an interest rate of 4.67%, US$70 million of 10-year notes bearing an interest rate of 4.87%, C$15 million of 7-year notes bearing an interest rate of 4.50%, and C$30 million of 10-year notes bearing an interest rate of 4.79% (collectively, the “Notes”). The Notes rank pari passu with all current and future senior unsecured indebtedness of the Company.
Enerflex plans to use the proceeds of the issuance of the Notes to refinance existing corporate indebtedness. There will be no required or scheduled repayments of principal prior to the maturity date of each respective tranche of Notes.
Enerflex is a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment, as well as related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, refrigeration systems, and electric power equipment servicing the natural gas production industry.
Headquartered in Calgary, Canada, Enerflex has approximately 2,000 employees worldwide. Enerflex, its subsidiaries, interests in associates, and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, Peru, Australia, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Indonesia, and Thailand. Enerflex’s shares trade on the Toronto Stock Exchange under the symbol “EFX”. For more information about Enerflex, go to www.enerflex.com.
Advisory Regarding Forward-Looking Statements
This news release contains certain statements and information that are forward-looking statements or information within the meaning of applicable securities legislation, and which are collectively referred to in this advisory as “forward-looking statements”. Information included in this news release that is not a statement of historical fact may be forward-looking information. When used in this document, words such as “plans”, “expects”, “will”, “may” and similar expressions are intended to identify statements containing forward-looking information. Forward-looking statements and information contained in this press release include, but are not limited to the use of proceeds of the issuance of the Notes and the timing of the repayments of principal amount of the Notes. Such statements reflect the Company’s current views with respect to future events based on certain factors and assumptions. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. Forward-looking information involves known and unknown risks and uncertainties and other factors, which may cause or contribute to Enerflex achieving actual results, performance or achievements that are materially different from any future results, performance or achievements expressed or implied by such forward-looking information. For a discussion of the risk factors and uncertainties that affect or may affect Enerflex, the reader is directed to the section entitled “Risk Factors” in Enerflex’s most recently filed Annual Information Form, as well as Enerflex’s other publicly filed disclosure documents, available on www.sedar.com. The reader is cautioned that these factors and risks are difficult to predict and that the assumptions used in the preparation of such information, although considered reasonably accurate at the time of preparation, may prove to be incorrect. Readers are cautioned that the actual results achieved may vary from the information provided in this press release and that such variation may be material. Consequently, Enerflex does not represent that actual results achieved will be the same in whole, or in part, as those set out in the forward-looking information. Furthermore, the statements containing forward-looking information that are included in this news release are made as of the date of this news release, and Enerflex does not undertake any obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.
For investor and media inquiries, please contact:
|J. Blair Goertzen||D. James Harbilas|
|President & Chief Executive Officer||Executive Vice President & Chief Financial Officer|
|Tel: 403.236.6852||Tel: 403.236.6857|