Daily News: July 17, 2017

Scotiabank Agents $120MM Facility for CES Energy Solutions


CES Energy Solutions successfully amended its credit facility with the Bank of Nova Scotia as administrative agent.

The syndicate includes Royal Bank of Canada, Wells Fargo Bank and Alberta Treasury Branches. The credit facility consists of a Canadian operating facility of C$20 million ($16 million), a Canadian syndicated revolving facility of C$105 million ($83 million) and a U.S. operating facility of $40 million. The credit facility is secured by substantially all of the company’s assets and includes customary terms, conditions and covenants.

Highlights of the Amending Agreement

  • Extends the maturity date of the Credit Facility to September 28, 2020
  • Increases the maximum net senior funded debt to EBITDA ratio from 2.25 to 2.50
  • Improves the pricing range on Canadian prime rate loans, U.S. base rate loans and U.S. prime rate loans from prime plus 0.75% – 1.50% to prime plus 0.45% – 1.00%

Calgary-based CES is a provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield.