ATB Financial extended and amended a $13.5 million credit facility, which included non-revolving term loan and an equipment finance loan, for Zedcor Energy.
The maturity date of the $2.5 million term loan was extended to March 15, 2021.
The $8 million equipment finance loan, which had been used to finance 75% of the purchase of new rental assets, was capped at $4.8 million as the additional funds from this facility were no longer required.
The debt service coverage ratio for the quarter ending March 31, 2020 and June 30, 2020 was reduced from 1.25:1.00 to 1.05:1.00 and 1.10:1.00, respectively. Lastly, the security interest over the shares pledged under the shareholder guarantee was revised from a fair market value requirement of at least $3.125 million to a trade value of at least $0.60 per share.
Zedcor Energy is engaged in the rental of surface equipment and accommodations and providing security and surveillance services in Western Canada.
Founded in 1938, ATB Financial is an Alberta-built financial institution with $54.2 billion in assets, 174 branches, 141 agencies, a client care center, four entrepreneur centers and mobile and online banking.
