AIMCo provides $226 mln in funding to Western Energy Services
Alberta Investment Management Corp (AIMCo) has agreed to provide a $215 million second lien senior secured term loan facility to Western Energy Services Corp, a Calgary-based provider of contract drilling, well servicing and rental operations in North America. AIMCo also entered into a private placement deal that will generate gross proceeds of about $11.4 million. With the close of the deal and a concurrent bought deal financing, the pension fund will own up to 16 percent of the company's outstanding shares. AIMCo CEO Kevin Uebelein said the investment will support Western as it navigates current energy industry challenges and prepares for future growth.
22 September 2017•3 mins read
