17.06.2015 17:58:00

Moody's says Trinidad's acquisition of CanElson is credit positive

Toronto, June 17, 2015 -- Moody's says Trinidad Drilling Ltd.'s (Trinidad, Ba3 stable) acquisition of CanElson Drilling Inc. (CanElson, unrated) for C$505 million including the assumption of approximately C$36 million of debt, is credit positive for Trinidad since leverage is reduced as Trinidad assumes a minimal amount of debt and largely funds the transaction with equity. We expect CanElson to contribute about C$50 million of annual EBITDA in 2015. The acquisition also helps increase Trinidad's size and scale in Canada.

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