CWC Well Services Renews, Amends Extendable Revolver
CWC Well Services announced it has renewed and amended its extendable revolving credit facility, which has been increased to $75 million from a syndicate of lenders, arranged by Alberta Treasury Branches as lead arranger, including National Bank of Canada and HSBC Bank Canada.
The credit facility has an accordion feature that allows the company to increase the credit facility by an additional $25-million at a future date, subject to certain terms and conditions.
The credit facility will consist of an extendable committed revolving facility of $75 million with a term maturity date of June 21, 2016 which will replace all of the existing credit facilities of the company.
The purpose of the revolving facility is to assist the company in completing acquisitions, financing capital expenditures for additional equipment, working capital investment and other general corporate purposes.
Calgary, Alberta-based CWC Well Services is a well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including service rigs, coil tubing, snubbing and well testing.