CALGARY, Oct. 29, 2013 /CNW/ - Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) announced today that it has amended and extended its existing $300 million syndicated credit facility ("Syndicated Facility") to $400 million led by Alberta Treasury Branches ("ATB"). All members of the previous syndicate participated in the expansion of the Syndicated Facility. There were no changes to the covenant terms of the underlying syndicated credit agreement previously announced on August 4, 2011. Key amendments, in addition to the Syndicated Facility increase, include:
- Reduced borrowing rates and facility standby fees.
- Extension of the term of the agreement to July 31, 2016 with annual extensions available at management's option.
- A $50 million accordion option that will allow Secure to increase the amount available to $450 million at any time by exercising the option.
ABOUT SECURE ENERGY SERVICES INC.
Secure is a TSX publicly traded energy services company that focuses on providing specialized services to upstream oil and natural gas companies.
The Corporation operates three divisions:
Processing, Recovery and Disposal Division: Operating under the name Secure Energy Services Inc., the Processing, Recovery and Disposal Services Division focuses on clean oil terminalling, custom treating of crude oil, crude oil marketing, produced and waste water disposal, oilfield waste processing, landfill disposal and oil purchase/resale service.
Drilling Services Division: Operating under the name Marquis Alliance the Drilling Services division provides drilling fluid systems, specialty rental equipment and solids control services. The Drilling Services division focuses on providing integrated products and systems that are designed for more complex horizontal oil, gas and bitumen wells in Western Canada and Northern USA.
On Site Division: The On Site division offers fully integrated services supporting the energy, resource, pipeline and civil construction industries in Western Canada. The division offers a full spectrum of services that include the full life cycle of pipeline and facility operations, waste management and environmental sciences, asset management and recovery, civil, remediation and reclamation earthworks as well as integrated water solution services.
