Calfrac’s $650 Million Senior Notes Offering and Concurrent Tender Offer


Paul Hastings LLP advised RBC Capital Markets, LLC as representative for the initial purchasers in the private offering of $650 million aggregate principal amount of 8.50% senior notes due 2026 by Calfrac Holdings LP.

Concurrently with this offering, Paul Hastings represented RBC, as the sole Dealer Manager, in connection with a cash tender offer by Calfrac (the “Tender Offer”) for up to a total of $600 million aggregate principal amount of its outstanding 7.50% senior notes due 2020 (the “2020 Notes”). As of May 23, 2018, $484,531,000 aggregate principal amount of the outstanding 2020 Notes were validly tendered.

Calfrac intends to use the proceeds of the offering (i) to pay the consideration in connection with the Tender Offer and/or a conditional notice of redemption to redeem the principal amount of 2020 Notes not repurchased in the Tender Offer, (ii) to refinance Calfrac’s outstanding second lien senior secured term loan facility and (iii) to pay related fees and expenses.

The Paul Hastings team was led by Leveraged Finance partners Michael Baker (Picture) and John Cobb, and included associates Jason Ewart, Cecilia Wang, Bianca Lee and Stephanie Hong.

Involved fees earner: Michael Baker – Paul Hastings; John Cobb – Paul Hastings; Jason Ewart – Paul Hastings; Cecilia Wang – Paul Hastings; Bianca Lee – Paul Hastings; Stephanie Hong – Paul Hastings;

Law Firms: Paul Hastings;

Clients: RBC Capital Markets;

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Author: Ambrogio Visconti