The principal amendments to the
- an extension of the maturity date from
July 1, 2024 to the earlier of: (a)July 1, 2026 or (b) six months prior to the maturity of the Company’s 2020 Second Lien Notes onMarch 15, 2026 ; - the syndicated facility was increased from
$205.0 million to$215.0 million and the operating facility was decreased from$45.0 million to$35.0 million ; - removing the borrowing base requirement and the Funded Debt to Capitalization and Current Ratio covenants; and
- introducing an Interest Coverage Ratio covenant of greater than 2.75:1:00 and a Total Debt to EBITDA Ratio covenant of less than 4.00:1:00. As at
June 30, 2023 the Interest Coverage Ratio and Total Debt to EBITDA ratio from continuing operations would have been 7.93:1.00 and 1.04:1.00, respectively.
The Company’s banking syndicate is now led by
Calfrac’s Chief Financial Officer,
Calfrac's common shares and warrants are publicly traded on the
Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western
For further information please contact: | |
Chief Executive Officer | Chief Financial Officer |
Telephone: (403) 266-6000 | Telephone: (403) 266-6000 |
Fax: (403) 266-7381 | Fax: (403) 266-7381 |
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly, this press release contains forward-looking statements relating to the Company’s operational and financial outlook and strategy.
These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac in light of its experience and perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances, including, but not limited to, the following: the economic and political environment in which the Company operates, including the anticipated impacts of inflation on the Company’s operations and demand for its services; the Company’s expectations for its current and prospective customers’ capital budgets, schedule and geographical areas of focus; the seasonal weather patterns affecting the Company’s operations; industry equipment levels; the effect of competition on the Company’s ability to retain current clients and obtain new ones; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s ability to obtain and retain qualified staff; the Company’s future capital expenditures and sources of financing thereof; the effect of the military conflict in the
The Company’s actual results could also differ materially from those anticipated in these forward-looking statements due to the risk factors set forth under the heading “Risk Factors” in Calfrac’s Annual Information Form for the year ended
Source:
2023 GlobeNewswire, Inc., source