Daily News: January 16, 2013

PNC Closes $25MM Revolver for Superior Coring Systems


PNC provided $25 million in senior secured revolving credit for Superior Coring Systems. Headquartered in Alberta, Canada, Superior Coring provides core sampling and drilling services primarily to oil and gas producers operating within the Western Canadian Sedimentary Basin.

The facility was sought to acquire five hybrid drilling rigs from Essential Energy Services, a large, publicly traded company based in Calgary, and to provide for ongoing working capital needs.

The facility is being provided by PNC Bank Canada Branch, the name under which PNC Bank, a member of The PNC Financial Services Group does business in Canada.

In the U.S., The PNC Financial Services Group provides retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

In Canada, it provides equipment finance and asset-based lending.