TD Bank, Others Renew Essential Energy Credit Line
Essential Energy Services entered into a renewed credit agreement with a syndicate of lenders, including National Bank of Canada, The Toronto-Dominion Bank, HSBC Bank Canada and Canadian Western Bank.
The credit agreement provides Essential with a three-year revolving $100 million secured credit facility. In addition, there is an accordion feature that allows Essential to increase the credit facility by $35 million at a future date, subject to certain terms and conditions, including Lenders’ consent. The maturity date is May 31, 2017.
On May 29, 2014, Essential had $41 million of debt outstanding.
Essential is a provider of oilfield services to producers in western Canada for producing wells and new drilling activity.