Daily News: November 10, 2017

Bank of Nova Scotia Leads Trican Credit Facility Revision


Trican Well Service amended and extended its revolving credit facility with a revised, six-bank lending syndicate led by The Bank of Nova Scotia.

The amendment included an 18-month extension of the maturity date from October 18, 2018 to April 18, 2020, as well as a reduction in the interest pricing grid and stand-by fees. Additionally, Trican will gain the ability to pay down the senior and subordinated notes in its credit structure – provided certain pro-forma conditions are met – without a corresponding payment to the bank lenders

The changes will have no impact on the RCF commitment level, financial covenants or the terms and conditions of the senior and subordinated note agreements, all of which remain the same. Trican will pay customary fees and expenses at prevailing market rates to the revised syndicate as a condition of the new agreement.

Calgary-based Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.