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Source Energy Services Announces Receipt of Lender Waiver and Payment of Cash Interest
(TheNewswire) Calgary, Alberta – TheNewswire - (May 25, 20...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Announces Receipt of Lender Waiver and Payment of Cash Interest\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n \n TheNewswire -\n \n \n (May 25, 2022)\n \n \n (\n \n \n TSX:SHLE\n \n \n )\n \n \n -\n \n \n Source Energy Services\n \n \n \n \n Ltd.\n \n \n (“Source” or the “Company”) announced\ntoday that it has successfully concluded its discussions with the\nsyndicate of lenders under its senior secured credit facility (the\n“Credit Facility”) and obtained a waiver from such lenders to\npermit the Company to make the payment of cash interest on the\nCompany’s outstanding 10.5% senior secured first lien notes due\nMarch 15, 2025 (the “Senior Notes”). As previously announced, the\nCompany had elected to utilize the 30 day grace period (the “Grace\nPeriod”) under the indenture governing its Senior Notes (the\n“Indenture”) to permit the Company to obtain such waiver and, as\nthe waiver has now been obtained from the Company’s lenders, the\nCompany has deposited with the trustee under the Indenture, in cash,\nthe CAD$4.2 million interest payment that was due on May 16, 2022 in\nconnection with the Senior Notes (the “May Interest\nPayment”).\n \n \n \n The Company remains current with all its suppliers, industry partners\nand contractors and intends to remain so. Neither the utilization of\nthe Grace Period nor the terms of the waiver affected, or will affect,\nany of the Company's operations, or commercial obligations.\n \n \n \n \n ABOUT SOURCE ENERGY SERVICES\n \n \n \n Source is a company that focuses on the integrated\nproduction and distribution of high quality frac sand, as well as the\ndistribution of other bulk completion materials not produced by\nSource. Source provides its customers with an end-to-end solution for\nfrac sand supported by its Wisconsin and Peace River mines and\nprocessing facilities, its Western Canadian terminal network, its\n“last mile” logistics capabilities and Sahara, a proprietary\nwellsite mobile sand storage and handling\n \n \n system.\n \n \n \n Source’s full-service approach allows customers to rely on its\nlogistics platform to increase reliability of supply and to ensure the\ntimely delivery of frac...