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TD Bank, Others Renew Pulse Seismic’s $30MM Credit Facility

December 14, 2016, 07:12 AM
Filed Under: Specialty Industries

Pulse Seismic Inc. has extended its revolving credit facility for an additional year. The new maturity date of the facility is February 13, 2020. The facility's available borrowing amount remains at $30.0 million. Up to $5.0 million of the revolving facility continues to be available as an operating line of credit. The credit facility is with a syndicate led by TD Bank and includes ATB Financial and continues to include an accordion feature which allows Pulse to increase the facility's size up to $70.0 million, subject to the consent of the lenders. The accordion incurs no renewal or standby fees.

"We value the ongoing strong support of our lenders," commented Neal Coleman, Pulse's President and CEO. "In January of this year we acquired approximately 107,000 net kilometres of 2D seismic data, thereby increasing our 2D library by over 30%. As a debt free organization, having this undrawn revolving credit facility assists us in the pursuit of additional seismic data acquisition opportunities."

Pulse is a market leader in the acquisition, marketing and licensing of 2D and 3D seismic data to the western Canadian energy sector. Pulse owns the second-largest licensable seismic data library in Canada, currently consisting of approximately 28,600 square kilometres of 3D seismic and 447,000 kilometres of 2D seismic. The library extensively covers the Western Canada Sedimentary Basin where most of Canada's oil and natural gas exploration and development occur.

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