Essential Energy Services Announces Credit Facility Renewal
30 May 2014 - 7:58AM
Marketwired
Essential Energy Services Announces Credit Facility Renewal
CALGARY, ALBERTA--(Marketwired - May 29, 2014) - Essential
Energy Services Ltd. (TSX:ESN) ("Essential") has entered into a
renewed credit agreement dated May 29, 2014 (the "Credit
Agreement") with a syndicate of lenders including National Bank of
Canada, The Toronto-Dominion Bank, HSBC Bank Canada and Canadian
Western Bank (the "Lenders"). The Credit Agreement provides
Essential with a three-year revolving $100 million secured credit
facility. In addition, there is an accordion feature that allows
Essential to increase the credit facility by $35 million at a
future date, subject to certain terms and conditions, including
Lenders' consent. The maturity date is May 31, 2017.
On May 29, 2014, Essential had $41 million of debt
outstanding.
ABOUT ESSENTIAL
Essential is a growth-oriented, dividend paying corporation that
provides oilfield services to producers in western Canada for
producing wells and new drilling activity. Essential operates the
largest coil tubing well service fleet in Canada with 47 coil
tubing rigs and a fleet of 55 service rigs. Essential also sells,
rents and services downhole tools and equipment including the
Tryton Multi-Stage Fracturing System (Tryton MSFS®). Further
information can be found at www.essentialenergy.ca.
The TSX has neither approved nor disapproved the contents of
this news release.
Essential Energy Services Ltd.Garnet K. AmundsonPresident and
CEO(403) 513-7272service@essentialenergy.caEssential Energy
Services Ltd.Karen PerasaloInvestor Relations(403)
513-7272service@essentialenergy.cawww.essentialenergy.ca
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