Business
Trican Well Service Ltd. Amends and Extends Revolving Credit Facility
Calgary, Alberta--(Newsfile Corp. - December 5, 2023) - Trican Well Service Ltd. (TSX: TCW) ...
About this update from Trican Well Service Ltd.
[{"type":"text","content":"Trican Well Service Ltd. Amends and Extends Revolving Credit FacilityCalgary, Alberta--(Newsfile Corp. - December 5, 2023) - Trican Well Service Ltd. (TSX: TCW) (\"Trican\" or the \"Company\") is pleased to provide an update on its revolving credit facility (\"RCF\"). Trican has entered into an agreement with a syndicate of Canadian banks which amends and extends its RCF (the \"Amended RCF\"). The principal changes included in the Amended RCF are as follows:a two-year extension of the maturity date from December 5, 2024 to December 4, 2026; updates to certain pricing metrics reflecting current bank market conditions and the Company's strong financial position; andan increase in available borrowing capacity to $150 million from $125 million to provide additional liquidity and credit availability throughout the extended term of the agreement. There were no changes to the financial covenant package or permitted indebtedness terms.Trican believes that this Amended RCF provides ample liquidity for its existing business, as Trican exited Q3 2023 with available cash of $44.5 million and no amounts drawn on the RCF. The Amended RCF continues to be led by The Bank of Nova Scotia acting as lead arranger, sole bookrunner and administrative agent and is comprised of five banks - all of which were participants in the previous facility. Trican will pay customary fees and expenses at prevailing market rates to the lending syndicate as a condition of this amendment.FORWARD-LOOKING STATEMENTSCertain statements and other information contained in this press release constitute \"forward-looking information\" and/or \"statements\" within the meaning of applicable Canadian securities legislation (collectively \"forward-looking statements\"). All statements in this press release other than those relating to historical facts or current conditions are forward-looking statements, and includes, but is not limited to using the increased borrowing capacity to provide additional liquidity to the Company. Forward-looking statements are often, but not always, identified by the use of words such as \"anticipate\", \"achieve\", \"estimate\", \"expect\", \"intend\", \"contemplate\", \"plan\", \"planned\" \"continue\", \"propose\", \"might\", \"may\", \"will\", \"shall\", \"project\"', \"should\"', \"could\", \"would\", \"believe\", \"predict\", \"forecast\",...