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PNC Canada, GASFRAC Energy Close $60MM Credit Facility

June 23, 2014, 08:06 AM
Filed Under: Energy

GASFRAC Energy Services Inc. has closed the $60 million debt financing previously announced in a Jun. 4 press release. GASFRAC has entered into a senior secured credit facility with PNC Bank Canada Branch. The facility is a five-year revolving credit facility of up to $60 million, subject to a borrowing base with interest at prime plus 1.5%. Initially $35 million will be available under the facility, with availability subject to increase based on future performance of the corporation. The term of the facility may be accelerated to November 30, 2016, in the event certain conditions related to the facility are not met.

GASFRAC CEO, Jim Hill commented: "We are very pleased to have closed this new revolving credit facility. The refinancing provides the Corporation with increased flexibility as we focus on building our customer base through our expanded fluid systems and strengthened technical sales force."

GASFRAC Energy Services, Inc. is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of gelled LPG fracturing technology and other fluid fracturing systems in North America.

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