Savanna Energy Services Corp.
TSX : SVY

Savanna Energy Services Corp.

October 02, 2013 11:44 ET

Savanna Energy Services Corp. Announces Completion of Private Offering

CALGARY, ALBERTA--(Marketwired - Oct. 2, 2013) - Savanna Energy Services Corp. ("Savanna" or the "Corporation") (TSX:SVY) announced today that it has now completed its offering of $50 million aggregate principal amount of 7.00% senior unsecured notes (the "Senior Notes") due May 25, 2018 pursuant to a private placement in Canada, which was previously announced on September 27, 2013. The Senior Notes were priced at 99.5% of the principal amount thereof plus accrued interest from and including May 25, 2013.

Savanna intends to use the net proceeds from the offering of the Senior Notes to repay a portion of its outstanding indebtedness under its senior secured revolving credit facilities.

RBC Capital Markets and TD Securities Inc. acted as co-lead underwriters and joint bookrunners in a syndicate that also includes Scotia Capital Inc. in the offering of the Senior Notes.

The Senior Notes have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States.

Savanna is a leading North American contract drilling and oilfield services company providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading aboriginal relationships.

Cautionary Statement Regarding Forward-Looking Information and Statements

Certain statements and information contained in this press release may constitute forward-looking information within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on certain assumptions and analysis made by Savanna in light of its experience as well as other factors it believes are appropriate in the circumstances. However, whether actual results or events will conform to Savanna's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results and events to differ materially from Savanna's expectations. Consequently, all of the forward-looking information and statements made in this press release are qualified by this cautionary statement and there can be no assurance that the actual results or events anticipated by Savanna will be realized or, even if substantially realized, that they will have the expected effects on Savanna or its business or operations. Except as may be required by law, Savanna assumes no obligation to update publicly any such forward looking information and statements, whether as a result of new information, future events, or otherwise.

Contact Information

  • Savanna Energy Services Corp.
    Ken Mullen
    President and CEO
    (403) 503-9990
    (403) 267-6749 (FAX)

    Savanna Energy Services Corp.
    Darcy Draudson
    Executive Vice-President, Finance and CFO
    (403) 503-9990
    (403) 267-6749 (FAX)
    www.savannaenergy.com