CALGARY, AB, Aug. 11, 2022 /CNW/ - SECURE Energy Services Inc. ("SECURE", the "Corporation") (TSX: SES) announced today that it has renewed and extended its $800 million Senior Secured Revolving Credit Facility ("Credit Facility") to July 2025.
The renewed and extended credit facility allows SECURE to maintain a healthy liquidity position and reduces its cost of borrowing, saving at least $2 million over the next four quarters in interest, letters of credit, and other credit facility related costs compared to its previous pricing grid. The Credit Facility is supported by commitments from nine financial institutions and Chartered Banks. In addition, SECURE maintains a $30 million unsecured letter of credit facility guaranteed by Export Development Canada providing additional capacity to the Corporation's capital structure.
"The successful renewal and extension of our credit facility provides enhanced flexibility for capital allocation decisions while retaining sufficient liquidity for our ongoing business requirements," said Chad Magus, Chief Financial Officer. "We continue to have a strong banking syndicate that supports our business, and we look forward to working with them in the future."
SECURE is a publicly traded energy infrastructure and environmental business listed on the Toronto Stock Exchange ("TSX"). SECURE provides industry leading midstream infrastructure and environmental and fluid management to predominantly upstream oil and natural gas companies operating in western Canada and certain regions in the U.S. SECURE's Midstream Infrastructure business segment includes a 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 midstream infrastructure operations generate cash flows from oil production processing and disposal, produced water disposal, and crude oil storage, logistics, and marketing. SECURE's Environmental and Fluid Management business segment includes a network of industrial landfills, hazardous and non-hazardous waste management and disposal, onsite abandonment, environmental solutions for site remediation and reclamation, bio-remediation and technologies, waste treatment & recycling, emergency response, rail services, metal recycling services, as well as fluid management for drilling, completion and production activities.
SOURCE SECURE Energy Services Inc.