CALGARY, AB, Sept. 10,
2020 /CNW/ - SECURE ENERGY Services Inc. ("SECURE") (TSX: SES)
is pleased to announce the extension of the Corporation's
existing $130 million second lien credit facility
("Second Lien Facility") to July 31, 2022. There have been no
changes to the remaining terms, conditions and covenants of the
Second Lien Facility. The Corporation has also entered into
interest rate swaps to fix the interest rate for the Second Lien
Facility at 5.5% to the maturity date of July 31, 2022. The Second Lien Facility is
secured by substantially all of the Corporation's assets, but is
subordinate to the Corporation's $600 million first lien
credit facility ("First Lien Facility") which matures on
June 30, 2023. At June 30, 2020, the
Corporation had drawn $333 million on the First Lien Facility,
resulting in available capacity of $267 million, subject to
covenant restrictions. Maintaining financial resiliency and
balance sheet strength remains the Corporation's top priority to
effectively manage the business through the current market
environment.
ABOUT SECURE
SECURE is a TSX publicly traded energy business providing
industry leading customer solutions to upstream oil and natural gas
companies operating in western Canada and certain regions in the United States ("U.S.") through its
network of midstream processing and storage
facilities, crude oil and water pipelines, and crude by rail
terminals
located throughout key resource plays in western
Canada, North Dakota and Oklahoma. SECURE's core midstream
infrastructure operations generate cash flows from oil production
processing and disposal, produced water disposal, and crude oil
storage, logistics, and marketing. SECURE also provides
comprehensive environmental and fluid management for landfill
disposal, onsite abandonment, remediation and reclamation,
drilling, completion and production operations for oil and gas
producers in western Canada.
SOURCE SECURE Energy Services Inc.