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Essential Energy Services Details Extension, Amendment of Credit Facility

MT Newswires ·  {{timeTz}}

07:28 AM EST, 11/26/2021 (MT Newswires) -- Oilfield services company Essential Energy Services Ltd. (ESN.TO) said overnight Thursday that it entered into a second amendment agreement to extend the maturity date of its credit facility to Nov. 30, 2024, from June 30, 2022.

Essential Energy secured the credit facility in June 2018 with a syndicate of lenders comprising National Bank of Canada, ATB Financial and Canadian Western Bank.

As part of the amendment, the amount available to be borrowed is now $25 million. Prior to this, the amount that could be borrowed was the lesser of $25 million, $15 million during the covenant relief period, which was scheduled to end on Dec. 31, 2021, and the borrowing base calculation.

Essential Energy noted that it had no long-term debt outstanding and has a cash balance of $7.6 million as of Nov. 25.

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