CALGARY, AB,
June 3,
2024 /CNW/ - SECURE Energy Services Inc. ("SECURE",
the "Corporation") (TSX: SES) is pleased to announce it has entered
into an amended and restated credit agreement for its
$800 million Senior Secured Revolving Credit Facility ("Credit
Facility"), extending the maturity until May 31, 2027.
This extension strengthens SECURE's capital structure, backed by
commitments from nine financial institutions and Chartered Banks,
and ensures a low cost of capital for the next three years. As of
May 31, 2024, the Credit Facility remains undrawn,
excluding outstanding letters of credit, due to the Corporation's
strong cash position following the $1.150
billion asset divestiture on February
1, 2024.
"We are grateful to our lenders for their continued support,"
said Chad Magus, Chief Financial Officer. "Together with our
$300 million of 6.75% unsecured notes
due in 2029, the Credit Facility provides us with a robust
liquidity position and maximum flexibility for capital allocation
decisions over the coming years."
This strategic move underscores SECURE's commitment to
maintaining financial stability and operational flexibility,
positioning the Corporation for continued growth and success.
FORWARD-LOOKING
STATEMENTS
Certain statements contained in this press release constitute
"forward-looking statements" and/or "forward-looking information"
within the meaning of applicable securities laws (collectively
referred to as "forward-looking statements"). When used in this
press release, the words "achieve", "anticipate", "expect",
"intend" and "will", and similar expressions, as they relate to
SECURE are intended to identify forward-looking statements. Such
statements reflect the current views of SECURE with respect to
future events and operating performance and speak only as of the
date of this press release.
In particular, this press release contains or implies
forward-looking statements pertaining to: SECURE's robust liquidity
position and flexibility for its future capital allocations.
Forward-looking statements involve significant known and unknown
risks and uncertainties, should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether such results will be achieved. Readers are
cautioned not to place undue reliance on these statements as a
number of factors could cause actual results to differ materially
from the results discussed in these forward-looking statements,
including but not limited to those factors referred to under the
heading "Risk Factors" in SECURE's Annual Information Form for the
year ended December 31, 2023, which
is available on SEDAR+ at www.sedarplus.com.
Although forward-looking statements contained in this press
release are based upon what SECURE believes are reasonable
assumptions, SECURE cannot assure investors that actual results
will be consistent with these forward-looking statements. The
forward-looking statements in this press release are expressly
qualified by this cautionary statement. Unless otherwise required
by law, SECURE does not intend, or assume any obligation, to update
these forward-looking statements.
ABOUT SECURE
SECURE is a leading waste management and energy infrastructure
business headquartered in Calgary, Alberta. SECURE's extensive infrastructure
network located throughout western Canada and North
Dakota includes waste processing and transfer facilities,
industrial landfills, metal recycling facilities, crude oil and
water gathering pipelines, crude oil terminals and storage
facilities. Through this infrastructure network, SECURE carries out
its principal business operations, including the processing,
recovery, recycling and disposal of waste streams generated by our
energy and industrial customers and gathering, optimization,
terminalling and storage of crude oil and natural gas liquids. The
solutions SECURE provides are designed not only to help reduce
costs, but also lower emissions, increase safety, manage water,
recycle by-products and protect the environment.
SECURE's Shares trade under the symbol "SES" and are listed on
the TSX. For more information,
visit www.SECURE-energy.com.
SOURCE SECURE Energy Services Inc.