Business
IROC Energy Services Corp. announces renewal of credit facilities
IROC Energy Services Corp. announces renewal of credit facilities
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\n\n\n May 31, 2010 (Canada NewsWire Group) -- /THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./\n\n IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX Venture Exchange: "ISC") announces the renewal of its existing credit facilities with a syndicate of three Canadian chartered banks (the Credit Agreement"). The banking syndicate includes National Bank of Canada, Alberta Treasury Branches and Canadian Western Bank.\nThe Credit Agreement provides the Corporation with a $7.5 million extendible demand revolving operating loan credit facility ("Operating loan") and a $25 million extendible revolving term acquisition loan facility ("Acquisition loan") for a total loan availability of $32.5 million (together referred to as "the Facilities"). The Facilities have an accordion feature which provides the Corporation with an ability to increase the maximum combined borrowings under the Facilities to up to $52.5 million, subject to the approval of the lenders. Current borrowings under the Facilities total $18.0 million. The Facilities are for a 364 day committed term until May 27, 2011, the term-out date. No principal payments are required under the facilities until the term-out date which may be extended for a further 364 day period upon approval by the banks. If the Facilities are not renewed beyond the term out date, the Operating Loan is immediately due and payable and the principal outstanding on the Acquisition loan becomes payable in 24 equal monthly installments over the following two year period. Interest on both facilities is payable monthly.\n\nAbout IROC Energy Services Corporation\n\nIROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the WCSB. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in three core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, and Rental Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.\n\nCautionary Statements\n\nCertain statements...