Civeo Corporation announced the completion of a replacement and refinancing of its credit agreement. The new syndicated facility agreement, which consists of a Canadian term loan and three revolving credit facilities, encompasses all of Civeo’s outstanding debt structure. In the leverage neutral transaction, the Canadian term loan was reduced to CAD 100 million (approximately USD 80 million), compared to an outstanding balance of CAD 216 million (approximately USD 175 million) as of June 30, 2021. This reduction was funded via a draw on the Canadian revolving credit facility in an equal and offsetting amount. The syndicated facility agreement has a maturity date of September 8, 2025. In addition, among other things, the new syndicated facility agreement: Increases the total revolving commitment to USD 200 million; Changes the maximum leverage ratio to a maximum total net leverage ratio, and adjusts the level of the ratio from 3.50x as of present to 3.25x in the fourth quarter of 2021 and first quarter of 2022 and 3.00x in the second quarter of 2022 and thereafter; Requires term loan amortization payments of CAD 10 million per quarter; and Reduces interest rates for leverage ratios less than 2.0x.