Computalog arranges debt financing.CALGARY, Alberta--(BUSINESS WIRE)--June 6, 1997--Computalog Ltd. announced that it has entered into an arrangement with U.S. institutional investors for the issuance of US$35 million principal amount of 7.78% senior notes due 2005. The notes, which will be unsecured, will have an 8 year term and an average life of 6.08 years. Completion of the financing is subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and negotiation and execution of definitive documentation. Closing is anticipated to occur on August 1, 1997. The company expects to use the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). for repayment of bank indebtedness incurred in connection with recent acquisitions, for possible additional acquisitions, to manufacture and equip additional wireline units, to manufacture additional MWD MWD Metropolitan Water District of Southern California MWD Measurement While Drilling (oil drilling) MWD Morgan Stanley Dean Witter (stock symbol) MWD Molecular Weight Distribution MWD Military Working Dog systems and mud motors, to accelerate certain research and development projects and develop additional proprietary software, tools and equipment, to manufacture additional Computalog Express service units, to purchase a wireline barge and the balance, if any, for working capital and general corporate purposes. Computalog provides wellbore knowledge and solutions through its electric wireline and directional drilling Directional drilling (sometimes known as slant drilling outside the oil industry) is the science of drilling non-vertical wells. Directional drilling can be broken down into three main groups: Oilfield Directional Drilling, Utility Installation Directional Drilling (commonly services and products. These services and products enable oil and gas producers to manage risk and maximize production. The company's common shares trade on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (symbol CGH CGH Comparative Genomic Hybridization CGH Changi General Hospital (Singapore) CGH Computer-Generated Hologram CGH Community General Hospital (Syracuse, NY) ) and Nasdaq National Market (symbol CLTDF). CONTACT: Computalog Ltd. Douglas F. Robinson, 403/265-6060 Leonard A. Cornez, 403/265-6060 |
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