Business
Pulse Data Inc. announces new $75 million syndicated revolving credit facility
TSX Symbol - PSD CALGARY, Dec. 17 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company") announced to...
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX Symbol - PSD\n\n\nCALGARY, Dec. 17 /CNW/ - Pulse Data Inc. ("Pulse" or the "Company")\nannounced today that the Company has closed a new $75 million syndicated\nrevolving credit facility. The new facility is provided by a syndicate of\nCanadian financial institutions led by Roynat Inc. ("Roynat") and includes ATB\nFinancial and TD Bank. This facility is intended to provide additional\nfinancing for growth of the Company's seismic data library through dataset\nacquisitions and participations surveys.\n\n\nAs of the closing of the new facility, proceeds of $24.0 million have\nbeen initially drawn to replace the balance of the former Roynat term loan,\nleaving $51.0 million available for future draws. The current floating\ninterest rate on the new facility is 5.2% which is based on a combination of\nthe Bankers' Acceptance Rate and a pricing spread tied to the Company's\nfinancial covenants.\n\n\nDouglas Cutts, President and Chief Executive Officer commented "Pulse is\nextremely pleased with this new financial arrangement. Our conservative\napproach to fiscally managing Pulse and maintaining a strong balance sheet\nplayed an important role in securing this credit facility during unstable\neconomic and financial market conditions. We are in an excellent position to\ncontinue executing our strategy of prudently growing our seismic data library.\nWe expect to see a number of attractive growth opportunities in the future,\nand with this new credit facility we now have the dry powder to act quickly,\nappropriately and opportunistically."\n\n\nABOUT PULSE\n\n\nPulse is a market leader in the acquisition, marketing and licensing of\n2D and 3D seismic data to the western Canadian energy sector. Pulse owns the\nsecond-largest licensable seismic data library in Canada, currently consisting\nof approximately 257,300 net kilometres of 2D seismic and 12,500 net square\nkilometres of 3D seismic. The library extensively covers the Western Canada\nSedimentary Basin where most of Canada's oil and natural gas exploration and\ndevelopment occurs.\n\n\nPulse has publicly traded on the TSX since 2001. The Company has paid its\nshareholders a quarterly dividend since 2003 and at Pulse's current share\nprice provides one of the highest dividend yields on the TSX.\n\n\nForward Looking Statements\n\n\nThi...