STEP Energy Services Ltd. Completes Initial Public Offering
STEP Energy Services Ltd. (the "Company" or "STEP") is pleased to announce that it has completed its previously announced initial public offering (the "Offering") of 10.0 million common shares at a price of $10.00 per common share for aggregate gross proceeds to STEP of $100.0 million.
The Offering was made through a syndicate of underwriters co-led by CIBC Capital Markets and Raymond James Ltd. and including BMO Capital Markets, Peters & Co. Limited, RBC Capital Markets, GMP FirstEnergy, National Bank Financial Inc., Scotiabank and AltaCorp Capital Inc. (collectively, the "Underwriters").
The Company's common shares are listed on the Toronto Stock Exchange under the symbol "STEP".
The limited partnerships comprising ARC Energy Fund 6 and ARC Energy Fund 8 (collectively, the "Selling Shareholders") have granted to the Underwriters an over-allotment option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an aggregate of an additional 1.5 million common shares of the Company from the Selling Shareholders at a price of $10.00 per common share. The Company will not receive any proceeds from any exercise of the over-allotment option.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction outside Canada. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities offered pursuant to the Prospectus have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States and may not be offered or sold within the United States or to a U.S. person absent registration or pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of securities in the United States.
About the Company
STEP is an oilfield service company that provides specialized and fully integrated coiled tubing and fracturing solutions. STEP's corporate headquarters is located in Calgary, Alberta and STEP has coiled tubing and fracturing operations spanning across Western Canada, along with coiled tubing operations in Texas.
SOURCE: STEP Energy Services Ltd.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.