Trican Well Service Ltd.
TSX : TCW

Trican Well Service Ltd.

April 29, 2011 18:02 ET

Trican Announces Closing of Private Placement of Senior Unsecured Notes

CALGARY, ALBERTA--(Marketwire - April 29, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Trican Well Service Ltd. (TSX:TCW) ("Trican") is pleased to announce the closing of its previously announced private placement of senior unsecured notes. The notes have five, seven and ten year terms, an average rate of 5.4% and a principal amount of US$250 million and CAD$60 million. The notes are unsecured and will rank equally with Trican's bank facilities and other outstanding senior notes.

Trican intends to use the proceeds from the private placement to fund a portion of its 2011 capital expenditure program and for general corporate purposes.

Barclays Capital and HSBC Securities acted as joint placement agents for the private placement.

The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act. The notes have not been and will not be qualified for distribution to the public under applicable Canadian securities law and any offer and sale of the notes in Canada will be made on a basis that is exempt from the prospectus requirement of such securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in a jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statement Disclaimer

This press release contains forward‐looking statements, including, but not limited to, statements regarding the use of proceeds. These forward‐looking statements are based on Trican's current assumptions and beliefs. However, these forward‐looking statements are subject to, and may be affected by, numerous risks and uncertainties, some of which are beyond Trican's control. Risks that could cause or contribute to these differences include the factors described in Trican's pubic reports and filings, which are available under Trican's profile at www.sedar.com. Forward‐looking statements are subject to change and Trican does not undertake to update, correct or revise any forward‐looking statements as a result of any new information, future events or otherwise, except as may be required by applicable law.

Headquartered in Calgary, Alberta, Trican has operations in Canada, the US, Russia, Kazakhstan and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

Requests for shareholder information should be directed to Dale Dusterhoft or Michael Baldwin.

Contact Information

  • Trican Well Service Ltd.
    Dale Dusterhoft
    Chief Executive Officer
    (403) 266-0202
    (403) 237-7716 (FAX)
    ddusterhoft@trican.ca

    Trican Well Service Ltd.
    Michael Baldwin
    Vice President, Finance & CFO
    (403) 266-0202
    (403) 237-7716 (FAX)
    mbaldwin@trican.ca

    Trican Well Service Ltd.
    2900, 645 – 7th Avenue S.W.
    Calgary, Alberta T2P 4G8
    www.trican.ca