Alberta Investment Management Corp. has entered into a strategic financing relationship with Savanna Energy Services, an energy service provider headquartered in Calgary, Alta.
The financing relationship provides for a $200 million debt-with-warrants financing and a private placement of 13 million common shares of Savanna at a price of $1.45 per common share for gross proceeds of $18.85 million, according to a press release.
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“Savanna Energy Services is . . . a sophisticated, well-managed organization that has taken preemptive steps to ensure its long-term sustainability,” said Kevin Uebelein, chief executive officer of AIMCo. “We are proud that our investment provides them the flexibility to weather this current market downturn and allow them to position for future growth.”
Savanna Energy Services is a global leader in energy services offering drilling, well servicing and oilfield rentals in Canada, the United States and Australia.
“The results achieved by our dedicated employees in a very difficult market are directly related to AIMCo entrusting us with the capital to move forward and assume a more prominent role in the industry,” said Chris Strong, Savanna’s chief executive officer.