PHX Energy Services provided notice to its lead agent, on behalf of its lenders under its syndicated credit facility to voluntarily reduce in part the unutilized portion of the syndicated facility from C$90 million ($67.2 million) to C$70 million ($52.3 million).

The reduction in the syndicated facility is effective March 14, 2016 and will result in significant further cost savings to the corporation as a result of reduced standby fees.

According to related SEDAR filing, HSBC Canada is the administrative agent for the lenders that include HSBC USA, Bank of Nova Scotia and Alberta Treasury Branches.