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.