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Divestco, PNC Bank Canada Ink $11MM Facility

May 10, 2013, 07:03 AM
Filed Under: Energy

Divestco Inc.  announced it has closed a senior secured finance facility with PNC Bank Canada Branch ("PNC") for up to $11 million. The new facility is comprised of a revolving facility of up to $8 million and a $3 million term loan.

Divestco will use the proceeds to pay off existing bank and other debt totaling approximately $5.3 million and will have up to approximately $5.7 million available for capital expenditures and working capital. The facility has a three-year term with the revolving facility bearing interest at Canadian prime plus 1.75% and the term loan bearing interest at Canadian prime plus 2.5%.

Stephen Popadynetz, CEO, CFO and President: "We are very pleased to be entering into this new partnership with PNC. This new facility will help Divestco strengthen its balance sheet and provide the Company with additional working capital without diluting shareholders."

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry.

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