ARC Financial to sell up to $75 mln in STEP Energy shares

STEP Energy Services Ltd, a Calgary coiled tubing and fracturing solutions provider, has launched a secondary offering of common shares on behalf of ARC Financial Corp, a Canadian energy private equity firm. The offering will sell about 5.3 million shares at $12.25 per unit, generating more than $65 million in gross proceeds. The offering's greenshoe option, if fully exercised, will increase the proceeds to about $75 million. ARC, which invested in STEP in 2011, will as a result see its interest reduced to about 67.9 percent of issued and outstanding shares, not including the greenshoe option. STEP went public earlier this year, raising $100 million.

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