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Trican Reaches Definitive Agreement With Lenders, Noteholders

November 16, 2015, 07:12 AM
Filed Under: Energy Services

Trican Well Service Ltd. announced that it has completed the definitive agreements with its bank lenders under its revolving credit facility, and with the holders of its senior notes, to make certain amendments to the applicable credit documentation.

As previously announced, on September 25, 2015 Trican reached an agreement in principle with its lenders and noteholders to make certain amendments to the corporation's financial covenants. The formal documentation was finalized and the necessary transactions were closed to implement this covenant relief agreement on the terms and conditions previously announced.

Concurrently with execution of the definitive agreements, Trican has committed to make pro rata payments to the lenders under the revolving credit facility and the holders of senior notes allocating the net proceeds from the recent sale of its Russian pressure pumping business, for a total debt repayment of $193.5 million.

Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

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