CALGARY, AB, Sept. 10, 2020 /CNW/ - SECURE ENERGY Services Inc. ("SECURE") (TSX: SES) is pleased to announce the extension of the Corporation's existing $130 million second lien credit facility ("Second Lien Facility") to July 31, 2022. There have been no changes to the remaining terms, conditions and covenants of the Second Lien Facility. The Corporation has also entered into interest rate swaps to fix the interest rate for the Second Lien Facility at 5.5% to the maturity date of July 31, 2022. The Second Lien Facility is secured by substantially all of the Corporation's assets, but is subordinate to the Corporation's $600 million first lien credit facility ("First Lien Facility") which matures on June 30, 2023. At June 30, 2020, the Corporation had drawn $333 million on the First Lien Facility, resulting in available capacity of $267 million, subject to covenant restrictions. Maintaining financial resiliency and balance sheet strength remains the Corporation's top priority to effectively manage the business through the current market environment.
SECURE is a TSX publicly traded energy business providing industry leading customer solutions to upstream oil and natural gas companies operating in western Canada and certain regions in the United States ("U.S.") through its network of midstream processing and storage facilities, crude oil and water pipelines, and crude by rail terminals located throughout key resource plays in western Canada, North Dakota and Oklahoma. SECURE's core midstream infrastructure operations generate cash flows from oil production processing and disposal, produced water disposal, and crude oil storage, logistics, and marketing. SECURE also provides comprehensive environmental and fluid management for landfill disposal, onsite abandonment, remediation and reclamation, drilling, completion and production operations for oil and gas producers in western Canada.
SOURCE SECURE Energy Services Inc.