The Debentures have a face value of $1,000 per Debenture, a coupon of 7.75%, a maturity date of July 31, 2012, and are convertible at any time prior to maturity or the date fixed for redemption at the option of the holder, into trust units of Trinidad at a price of $19.30 per trust unit. The Debentures pay interest semi-annually on June 30 and December 31, with the initial interest payment to be made on December 31, 2007.
Trinidad Energy Services Income Trust is a growth oriented income trust that trades on the TSX under the symbol TDG.UN. Trinidad's divisions operate in the drilling and well servicing sectors of the North American oil and gas industry. With the completion of the Axxis acquisition and the current rig construction programs, the Trust will have 110 land drilling rigs and two barge rigs ranging in depths from 1,000 - 6,500 meters. In addition to its drilling rigs, Trinidad has 21 service rigs that have been completely retrofitted or are new within the past five years and 17 pre-set and coring rigs. Trinidad is focused on providing modern, reliable, expertly designed equipment operated by well-trained and experienced personnel. Trinidad's drilling fleet is one of the most adaptable and competitive in the industry.
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