Total Energy Services Completes Offering

On February 9, 2011, Total Energy Services Inc. completed a public offering of $69 million aggregate principal amount of 5.75 per cent convertible unsecured subordinated debentures, on a bought deal basis, at an offering price of $1,000 per debenture. The debentures are scheduled to mature on March 31, 2016 and are convertible into common shares of Total Energy Services Inc. at a conversion price of $22.40 per common share.
Total Energy Services Inc. is a diversified energy services corporation based in Calgary, Alberta.
The offering of debentures was undertaken pursuant to a short- form prospectus, dated February 3, 2011, which was filed with securities regulatory authorities in all of the provinces of Canada, with the exception of Québec and Nova Scotia. Net proceeds from the offering will be used to repay indebtedness and for working capital purposes.
The offering was underwritten by a syndicate of underwriters led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and including HSBC Securities (Canada) Inc., Cormark Securities Inc., Macquarie Capital Markets Canada Ltd., Paradigm Capital Inc., Firstenergy Capital Corp. and Stifel Nicolaus Canada Inc.
Total Energy Services Inc. was represented in-house by Terry Bell, General Counsel and Corporate Secretary, and assisted by Bennett Jones LLP, with a team that included Nicholas Fader, Paul Barbeau and Matthew Olson (corporate/securities); Denise Bright (banking) and Greg Johnson (tax).
The underwriters were represented by Osler, Hoskin & Harcourt LLP, with a team that included Donald Boykiw and Rummy Basra (corporate/securities) and Stan Ebel and Colena Der (tax).