February 22, 2018 / 9:47 PM / 4 months ago

BRIEF-STEP Energy Services Announces Acquisition Of U.S. Fracturing

Feb 22 (Reuters) - STEP Energy Services Ltd:

* 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: Further company coverage:

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