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BRIEF-Civeo To Acquire Noralta Lodge
November 27, 2017 / 10:44 AM / 18 days ago

BRIEF-Civeo To Acquire Noralta Lodge

Nov 27 (Reuters) - Civeo Corp:

* CIVEO TO ACQUIRE NORALTA LODGE, A PREMIER ACCOMMODATIONS PROVIDER IN THE CANADIAN OIL SANDS REGION

* CIVEO CORP - DEAL FOR ‍TOTAL CONSIDERATION OF APPROXIMATELY C$367 MILLION​

* CIVEO CORP - ‍EXPECTED ANNUAL SYNERGIES OF C$10 MILLION BY 2019 FROM DEAL, PRIMARILY RELATED TO OPERATIONAL AND CORPORATE EFFICIENCIES​

* CIVEO CORP SAYS ‍EXPECTS TO FUND CASH PORTION OF PURCHASE PRICE WITH CASH ON HAND AND BORROWINGS UNDER ITS EXISTING REVOLVING CREDIT FACILITY​

* CIVEO CORP - DEAL WOULD BE ACCRETIVE TO OPERATING CASH FLOW, INCREASE CIVEO‘S STANDALONE OPERATING CASH FLOW BY ABOUT 75% DURING 12-MONTH ENDED SEPT 30

* CIVEO CORP - ‍UPON DEAL CLOSING , NORALTA‘S EQUITY HOLDERS WOULD BE GRANTED RIGHT TO NOMINATE 1 DIRECTOR TO CIVEO‘S BOARD , EXPANDING BOARD TO 8 MEMBERS​

* CIVEO CORP - ‍DEAL INCLUDES C$210 MILLION IN CASH & 32.8 MILLION CIVEO SHARES (OR US$69 MILLION, VALUED AT $2.10 PER SHARE) ISSUED TO NORALTA‘S EQUITY HOLDERS​

* CIVEO CORP - ‍CIVEO TO ACQUIRE NORALTA LODGE ON A CASH-FREE, DEBT-FREE BASIS, SUBJECT TO ADJUSTMENTS​

* CIVEO CORP - ‍REGISTRATION RIGHTS, LOCK-UP AND STANDSTILL WILL RESTRICT NORALTA‘S EQUITY HOLDERS FROM SELLING ANY CO‘S SHARES FOR 18 MONTHS FROM CLOSING Source text for Eikon: Further company coverage:

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