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AKITA Drilling Ltd. announces amendments to credit facility
AKITA Drilling Ltd. announces amendments to credit facility Canada NewsWire CALG...
About this update from Akita Drilling Ltd. Class A
[{"type":"text","content":"\n\n\n\nAKITA Drilling Ltd. announces amendments to credit facility\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 23, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES/\n CALGARY, Dec. 23, 2019 /CNW/ - AKITA Drilling Ltd. (TSX:AKT.A; TSX:AKT.B) (\"AKITA\" or the \"Company\") is pleased to announce that it has entered into an agreement with its syndicate of lenders (the \"Lenders\") to make certain amendments to its $125 million credit facility (the \"Credit Facility\") to provide the Company with increased financial flexibility.\n\n \n \n\n \nThe principal amendments to the Credit Facility are:\nan extension of the maturity date of the Credit Facility by one year to September 11, 2023; and changes to the Funded Debt to EBITDA Ratio (as defined in the Credit Facility) covenant such that the Company shall ensure that: for the Fiscal Quarter (as defined in the Credit Facility) ending December 31, 2019, the Funded Debt to EBITDA Ratio shall not be more than 4:00:1.00; for the Fiscal Quarter ending March 31, 2020, the Funded Debt to EBITDA Ratio shall not be more than 4.00:1.00; for the Fiscal Quarter ending June 30, 2020, the Funded Debt to EBITDA Ratio shall not be more than 3.50:1.00; for the Fiscal Quarter ending September 30, 2020, the Funded Debt to EBITDA Ratio shall not be more than 3.50:1.00; and for the Fiscal Quarter ending December 31, 2020, the Funded Debt to EBITDA Ratio shall not be more than 3.00:1.00The Funded Debt to EBITDA Ratio is calculated quarterly on the last day of each Fiscal Quarter on a rolling four quarter basis.\nAKITA is an Alberta corporation engaged in the contract drilling business.\nFORWARD-LOOKING INFORMATION:\nCertain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as \"anticipate\", \"plan\", \"estimate\", \"expect\", \"may\", \"will\", \"intend\", \"should\", and similar expressions.\nForward-looking information involv...