Total Energy Services Inc. ("Total Energy") (TSX:TOT) announces that Savanna Energy Services Corp. ("Savanna"), a wholly-owned subsidiary of Total Energy, has purchased $39.6 million aggregate principal amount of 7 percent senior unsecured notes of Savanna due May 2018 (the "SVY Notes") that were tendered to Savanna's change of control offer made on April 24, 2017 at a price of 101% of the aggregate principal amount tendered. Including accrued and unpaid interest, the total consideration paid for the tendered SVY Notes was $40.2 million. Total Energy utilized its existing revolving credit facilities to fund the purchase of the tendered SVY Notes and $67.5 million aggregate principal amount of SVY Notes remain outstanding.
About Total Energy
Total Energy is a growth oriented energy services corporation involved in contract drilling services (Savanna Drilling), rentals and transportation services (Total Oilfield Rentals), well servicing (Savanna Well Servicing) and the fabrication, sale, rental and servicing of natural gas compression (Bidell Gas Compression) and process equipment (Spectrum Process Systems).
SOURCE: Total Energy Services Inc.
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