- Civeo ( NYSE: CVEO ) has agreed to repurchase 40% of its outstanding Class A Series 1 preferred shares for ~$30.6M.
- The preferred shares repurchased, which include accrued dividends, are convertible into approximately 999K common shares, or ~6% of the company’s fully diluted common shares outstanding. The preferred shares are mandatorily convertible into common shares in April 2023.
- The transaction is scheduled to close on November 1, 2022. After the repurchase, Civeo ( CVEO ) will have repurchased ~10% of its fully diluted common shares outstanding since August 2021.
For further details see:
Civeo to repurchase 40% of A Series 1 preferred shares