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.
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