Savanna Energy Services Corp. Announces Amendments to Its Senior Secured Revolving Credit Facility
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 03/17/16 -- Savanna Energy Services Corp. ("Savanna" or the "Company") (TSX: SVY), has reached an agreement with its lenders to amend the credit agreement governing its senior secured revolving credit facility. The amendment, among other things, reduces the size of the total facility from $250 million to $150 million and reduces certain financial covenant thresholds to the end of 2017, providing Savanna with increased financial flexibility through the remainder of this year and next. The reduction in the size of the facility will also lower standby costs going forward on the undrawn $100 million, $50 million of which was currently inaccessible due to terms under the Company''s trust indenture related to its senior unsecured notes. As of the date of this release, the Company had $95 million drawn on the total senior secured revolving credit facility, leaving substantial availability under the facility. The following details the significant aspects of the amended credit agreement:
Readers are cautioned that the ratios described above do not have standardized meanings under IFRS as the computation of these ratios excludes amounts from certain non-guarantor subsidiaries and the limited partnerships partially owned by the Company. Key definitions with respect to these ratios are as follows:
Contacts:
Savanna Energy Services Corp.
Christopher Strong
President and Chief Executive Officer
Savanna Energy Services Corp.
Dwayne LaMontagne
Executive Vice President and Chief Financial Officer
(403) 503-9990
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Datum: 17.03.2016 - 16:05 Uhr
Sprache: Deutsch
News-ID 1422645
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CALGARY, ALBERTA
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Equipment
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