AIMCo provides $219 mln in financing to Savanna Energy Services

Alberta Investment Management Corp (AIMCo) has agreed to provide a $200 million second lien senior secured term loan facility to Savanna Energy Services Corp (TSX: SVY), a Calgary-based contract drilling and oilfield services company operating in North America and Australia. AIMCo also agreed to provide a private placement that will generate gross proceeds of about $18.8 million. The funds raised by the company will be used in part to reduce indebtedness. In a separate release, AIMCo CEO Kevin Uebelein said the deal will give Savanna the "flexibility to weather this current market downturn" and allow it to "position for future growth."

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