Core Viewpoint - Calfrac Well Services Ltd. successfully closed its Rights Offering, raising approximately $35.0 million through the issuance of 13,011,153 Common Shares at a subscription price of $2.69 per share, indicating strong support from shareholders [1][2]. Group 1: Rights Offering Details - The Rights Offering was oversubscribed by more than two times, with 96.7% of rights exercised under the basic subscription privilege [2]. - Insiders, including directors and officers, acquired approximately 8.2 million Common Shares, representing about 63% of the Rights Offering [2]. Group 2: Use of Proceeds - The net proceeds from the Rights Offering, along with a drawdown of the Company's $120.0 million delay draw term facility, will be used to redeem all outstanding US$120,000,100 principal amount of 10.875% second lien secured notes [3]. - The redemption of the Second Lien Notes is expected to be completed on the same day as the Rights Offering closure [3]. Group 3: Financial Position and Strategy - The Chief Financial Officer stated that the successful Rights Offering reflects a strong endorsement of the Company's outlook and improved financial position [4]. - The repayment of the Second Lien Notes extends the Company's long-term debt maturities to July 1, 2028, and is a significant step in the Company's deleveraging strategy [4]. - The Company anticipates exiting the year with long-term debt at the lower end of the previously announced guidance of between $200.0 million to $215.0 million, representing a year-over-year reduction of over $100.0 million [4].