Bank of Montreal Upsizes Petrowest Revolver
Petrowest announced it amended its revolving operating credit facility with Bank of Montreal.
The revolving facility has been amended to increase the maximum facility amount from $30 million to $40 million and to extend the maturity date from August 20, 2016 to August 20, 2017.
Lloyd Wiggins, Petrowest’s Chief Financial Officer, stated the growth in our operating capacity, and the resultant increased working capital requirements, has resulted in a need for an increased operating facility. We are pleased that we were able to satisfy this need with our existing working capital facility.
Alberta, Canada-based Petrowest is involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers.