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Stampede Drilling Inc. Announces Amendment to its Existing Credit Facility with HSBC
Stampede Drilling Inc. Announces Amendment to its Existing Credit Facility with HSBC ...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n \n \n \n Stampede Drilling Inc. Announces Amendment to its Existing Credit Facility with HSBC\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 \n CALGARY, AB\n \n ,\n \n Oct. 22, 2021\n \n /CNW/ - Stampede Drilling Inc. (\"Stampede\" or the \"Company\") (TSXV: SDI) is pleased to announce it has entered into an amending agreement (the \"Second Amending Letter\") to its\n \n December 20, 2018\n \n , credit facility agreement (the \"Credit Facility Agreement\") with HSBC Bank Canada (\"HSBC\") in response to Stampede's 2021 strong financial results and positive 2022 forecast.\n \n \n The primary benefit of the Second Amending Letter is the early termination of restrictions on the Company's capital expenditures. Stampede believes that the Second Amending Letter is a positive reflection of the Company's current financial position given that covenant relief was no longer required, and HSBC agreed to its early termination with all covenants reverting to the original Credit Facility Agreement, other than the replacement of the Interest Coverage Ratio (as defined in the Credit Facility Agreement) with a Fixed Charge Coverage Ratio (as defined in the Second Amending Letter). The Company expects that the Second Amending Letter could result in additional capital spending in the balance of 2021 and the first quarter of 2022, as a result of Stampede's positive utilization and financial outlook.\n \n \n \n FORWARD-LOOKING INFORMATION\n \n \n \n Certain statements contained in this News Release constitute forward-looking statements or forward-looking information (collectively, \"forward-looking information\"). Forward-looking information relates to future events or the Company's future performance. All information other than statements of historical fact is forward-looking information. The use of any of the words \"believe\", \"expect\", \"could\" and similar expressions are intended to identify forward-looking information. This News Release contains forward-looking information pertaining to, among other things: the impacts of the Second Amend...