Shearman & Sterling represented RBC Capital Markets, LLC and Morgan Stanley & Co. Incorporated, as joint bookrunning managers and representatives of the several initial purchasers, in connection with the $450 million offering of 7.50% senior notes due 2020 by Calfrac Holdings LP. The senior notes are fully and unconditionally guaranteed by Calfrac Well Services Ltd., the parent of Calfrac Holdings LP and Calfrac Well Services Corp.

Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico and Argentina.

The following Shearman & Sterling team advised the initial purchasers in the transaction: partners Jason Lehner (New York/Toronto-Capital Markets) and Larry Crouch (Menlo Park-Tax); counsel Jeffrey Salinger (New York-Property/Environmental); and associates Kevin Roggow (Toronto-Capital Markets), Tina Li (Toronto-Capital Markets), Daniel Weber (Toronto-Capital Markets), Seth Kerschner (New York-Property/Environmental), Christopher Greer (New York-Property/Environmental) and Anil Kalia (Menlo Park-Tax), assisted by legal assistant Heather Stepanek.