Brief: STEP Energy Services Announces Acquisition Of U.S. Fracturing

STEP Energy Services

22/02/2018 21:26

Feb 22 (Reuters) - STEP Energy Services Ltd  STEP.TO : 
    * STEP ENERGY SERVICES LTD. ANNOUNCES ACQUISITION OF U.S. 
FRACTURING AND COMPLETION SOLUTIONS COMPANY AND $50 MILLION IN 
EQUITY FINANCING 
    * STEP ENERGY SERVICES LTD - DEAL FOR TOTAL CASH 
CONSIDERATION OF 
US$275 MILLION, BEFORE CLOSING ADJUSTMENTS 
    * STEP ENERGY SERVICES LTD - ACQUISITION IS NOT SUBJECT TO 
ANY 
FINANCING CONDITION 
    * STEP ENERGY SERVICES - CO OBTAINED FINANCING OF $330 
MILLION 
REVOLVING SYNDICATED CREDIT FACILITY, $10 MILLION OPERATING 
FACILITY, $7.5 MILLION OPERATING FACILITY 
    * STEP ENERGY SERVICES LTD - SEES NET INCOME OF BETWEEN 
ABOUT 
$17.0 MILLION AND $18.0 MILLION IN Q4 OF 2017 
    * STEP ENERGY SERVICES LTD - SEES Q4 REVENUE $152 MILLION 
TO $157 
MILLION 
    * STEP ENERGY SERVICES - STEP IS ENCOURAGED BY BOOKING 
SCHEDULE 
FOR Q2 , AND EXPECTS QUARTER WILL BE MORE ACTIVE THAN A TYPICAL 
SPRING BREAKUP PERIOD 
 
Source text for Eikon:  ID:nGNXqtTV7  
Further company coverage:  STEP.TO  
 
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