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SECURE Energy Increases Senior Secured Revolving Credit Facility and Announces New Letter of Credit Facility
SECURE Energy Increases Senior Secured Revolving Credit Facility and Announces New Letter...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n \n \n \n SECURE Energy Increases Senior Secured Revolving Credit Facility and Announces New Letter of Credit Facility\n \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 Canada NewsWire\n \n \n \n \n CALGARY, AB,\n \n June 14, 2021\n \n /CNW/ - SECURE Energy Services Inc. (\"SECURE\", the \"Corporation\") (TSX: SES) today announced that it has entered into a binding agreement with its syndicate of lenders to increase the size of the previously announced senior secured revolving credit facility available at closing of the business combination with Tervita Corporation (\"Tervita\") from\n \n $725 million\n \n to\n \n $800 million\n \n .\n \n \n On March 8, 2021, SECURE and Tervita entered into an arrangement agreement to combine in an all-share transaction, creating a stronger midstream infrastructure and environmental solutions business (the \"Transaction\"). The combined company will operate as SECURE and remain listed on the Toronto Stock Exchange (\"TSX\") as TSX: SES.\n \n \n SECURE has commitments from nine financial institutions and Chartered Banks to provide the combined company with financing by way of an $800 million three-year credit facility (the \"Credit Facility\"), subject to the satisfaction of certain conditions precedent. The Credit Facility will be utilized to replace and repay SECURE's existing first and second lien credit facilities and Tervita's first lien credit facility. Tervita's second lien notes will remain outstanding and enable capital structure optimization while maintaining adequate liquidity. The effectiveness of the Credit Facility will itself be subject to certain financial covenants, liquidity criteria and customary conditions being met, including completion of the Transaction.  It is anticipated that each of the conditions to the effectiveness of the Credit Facility, other than the proposed amalgamation of SECURE and Tervita, will be satisfied prior to completion of the Transaction.\n \n \n \"The increase to  the Credit Facility that will be in place upon completion of our merger with Te...