CALGARY,
AB, Aug. 11, 2022 /CNW/ - SECURE Energy
Services Inc. ("SECURE", the "Corporation") (TSX: SES) announced
today that it has renewed and extended its $800 million Senior Secured Revolving Credit
Facility ("Credit Facility") to July
2025.
The renewed and extended credit facility allows SECURE to
maintain a healthy liquidity position and reduces its cost of
borrowing, saving at least $2 million
over the next four quarters in interest, letters of credit, and
other credit facility related costs compared to its previous
pricing grid. The Credit Facility is supported by commitments from
nine financial institutions and Chartered Banks. In addition,
SECURE maintains a $30 million
unsecured letter of credit facility guaranteed by Export
Development Canada providing additional capacity to the
Corporation's capital structure.
"The successful renewal and extension of our credit facility
provides enhanced flexibility for capital allocation decisions
while retaining sufficient liquidity for our ongoing business
requirements," said Chad Magus, Chief Financial Officer. "We
continue to have a strong banking syndicate that supports our
business, and we look forward to working with them in the
future."
ABOUT SECURE
SECURE is a publicly traded energy infrastructure and
environmental business listed on the Toronto Stock Exchange
("TSX"). SECURE provides industry leading midstream infrastructure
and environmental and fluid management to predominantly upstream
oil and natural gas companies operating in western Canada and certain regions in the U.S.
SECURE's Midstream Infrastructure business segment includes a
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 midstream infrastructure operations generate cash flows
from oil production processing and disposal, produced water
disposal, and crude oil storage, logistics, and marketing. SECURE's
Environmental and Fluid Management business segment includes a
network of industrial landfills, hazardous and non-hazardous waste
management and disposal, onsite abandonment, environmental
solutions for site remediation and reclamation, bio-remediation and
technologies, waste treatment & recycling, emergency response,
rail services, metal recycling services, as well as fluid
management for drilling, completion and production
activities.
SOURCE SECURE Energy Services Inc.