Total Energy Services Inc.
TSX : TOT

Total Energy Services Inc.

May 19, 2015 17:03 ET

Total Energy Services Inc. Announces Completion of Redemption of Convertible Debentures

CALGARY, ALBERTA--(Marketwired - May 19, 2015) - Total Energy Services Inc. ("Total") (TSX:TOT) announces that it has completed the redemption of all outstanding 5.75% convertible unsecured subordinated debentures that were due to mature on March 31, 2016 (the "Debentures") in accordance with the terms of the trust indenture dated February 9, 2011 governing the Debentures.

Redemption of the $69 million of Debentures was financed with a $50 million term bank loan (the "Term Loan") and cash on hand. The Term Loan bears interest at a fixed annual rate of 3.06% and requires monthly principal and interest payments of $278,800. At the end of the five year term in May 2020, approximately $40.2 million of principal will be outstanding under the Term Loan assuming only regular monthly payments are made.

Total's $65 million revolving credit facility remains fully available and undrawn.

Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total are listed and trade on the TSX under the symbol "TOT".

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

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