Enerflex redeems all 9% senior secured notes due 2027

Executive Summary

• Enerflex Ltd. has completed the redemption of all outstanding 9.00% Senior Secured Notes due 2027.
• The redemption was funded through a new private placement of $400 million in aggregate principal amount of 6.875% Senior Notes due 2031, issued by wholly-owned subsidiary Enerflex Inc., along with funds from the company's secured revolving credit facility.
• The new 2031 notes were issued at par and are guaranteed on a senior unsecured basis by Enerflex Ltd., with no intention to register the notes under the Securities Act or applicable state/provincial laws.

Key Details

• Redemption Details: All 9.00% Senior Secured Notes due 2027 have been redeemed.
• New Financing Structure:
  • Issuer: Enerflex Inc. (direct, wholly-owned subsidiary of Enerflex Ltd.).
  • Instrument: 6.875% Senior Notes due 2031.
  • Aggregate Principal Amount: $400 million.
  • Issue Price: Par.
  • Guarantee: Guaranteed on a senior unsecured basis by Enerflex Ltd.
• Funding Sources: Proceeds from the 2031 private offering and availability under the company's secured revolving credit facility.
• Regulatory Status: The 2031 notes and guarantees are not registered under the Securities Act, state securities laws, or laws of other jurisdictions. Offers or sales are exempt from or not subject to registration requirements.