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Money Management

AIMCo provides secured loan to drilling firm, takes 10% stake in company

Canadian money 50 and 100 dollar bills

Alberta Investment Management Corp., Edmonton, provided a C$215 million ($176 million) secured loan to contract drilling and well services firm Western Energy Services Corp., and also acquired a 10% stake in the company for C$11.4 million, AIMCo said Monday.

The senior secured term loan facility provided to Western Energy will be made in one draw before Feb. 15, 2018, AIMCo said in a news release. The loan will be for five years at a 7.25% interest rate.

The stake in the company — 9.1 million shares at a value of C$1.25 a share — will be acquired on a private-placement basis at the time of the closing of the loan facility, AIMCo said.

AIMCo managed C$95.7 billion in assets for Alberta-based public pension and other provincial funds as of Dec. 31.