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C&J Energy postpones $650M acquisition loan for Nabors unit

Dec. 05, 2014 6:41 PM ETC&J Energy Services, Inc. (CJ) StockNBR, ATLS, NEXBy: Carl Surran, SA News Editor
  • C&J Energy Services (CJES) postpones a $650M acquisition loan intended to fund the purchase of a unit of Nabors Industries (NYSE:NBR) due to the uncertainty of current market conditions, but says the decision "in no way impacts our ability to finance or complete the deal.”
  • C&J agreed in June to buy NBR’s completion and production services business in the U.S. and Canada in a cash and stock deal then valued at $2.86B; C&J obtained a $1.3B commitment from Citigroup to finance the cash portion of the transaction and refinance debt.
  • CJES shares fell 3% to a record low of $13.49 in today's trade and have plunged 60% from this year’s peak of $33.78 at the end of June.
  • Earlier this week, a unit of Atlas Energy (OTC:ATLS) is said to have put on hold a $155M loan it was seeking to refinance debt.

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