CES Energy Solutions Corp. Announces Closing of Senior Unsecured Notes Offering
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CES Energy Solutions Corp. (“CES” or the “Company”) (TSX: CEU) (OTC: CESDF) announced today that it has closed its previously announced private placement of $300.0 million aggregate principal amount of its 5.625% senior unsecured notes due June 15, 2033 (the “Notes”).
The net proceeds from the issuance of the Notes will be used to fund the redemption of CES' $275.0 million 6.875% senior unsecured notes due May 24, 2029, and partially repay amounts outstanding under the Company’s senior credit facility, extending the Company's debt maturity profile to 2033, reducing its cost of capital, and strengthening its overall capital structure on favorable terms to support existing operations and future growth objectives.
BMO Capital Markets and National Bank Capital Markets acted as joint active bookrunning managers for the private placement, in a syndicate that also included Scotiabank as joint bookrunning manager, TD Securities, ATB Cormark Capital Markets, RBC Capital Markets and Wells Fargo Securities Canada as co-lead managers, and CIBC Capital Markets, Raymond James, Peters & Co. Limited, J.P. Morgan Securities Canada Inc. and TPH & Co. as co-managers.
