Pulse Seismic Inc. Announces Extension of $50.0 Million Revolving Credit Facility
20 12월 2013 - 9:00PM
Marketwired
Pulse Seismic Inc. Announces Extension of $50.0 Million Revolving
Credit Facility
CALGARY, ALBERTA--(Marketwired - Dec 20, 2013) - Pulse Seismic
Inc. (TSX:PSD)(OTCQX:PLSDF) ("Pulse" or "the Company") is pleased
to announce it has extended its $50.0 million revolving credit
facility for an additional year. The credit facility is with a
syndicate led by TD Bank and includes ATB Financial. The balance
owing on the facility is currently $21.1 million, leaving $28.9
million available for future draws.
Originally entered into in February 2013, the credit facility
was initially structured as a three-year extendible facility with a
maturity date of February 13, 2016. The lenders have approved the
extension of the maturity date to February 13, 2017. In conjunction
with the renewal, the four-tier margin structure has been improved.
The margin structure is based on the Total Debt to Adjusted EBITDA
covenant calculation. The applicable margins for interest rates and
stand-by fees have been reduced for the top three tiers and will
result in future cash savings.
Other highlights of the facility continue to be:
- An accordion feature allowing Pulse to increase the facility's
size by up to an additional $20.0 million, subject to the consent
of the lenders; and
- No regularly scheduled payments against the revolving
facility's principal balance and no prepayment penalties, with
voluntary payments permitted at any time.
"This extension, and the related interest rate reduction,
confirms the continued support of Pulse's business model by the
lender group," commented Neal Coleman, Pulse's President and CEO.
"It keeps us well-positioned to pursue future growth opportunities
that meet the Company's strict criteria for value."
CORPORATE PROFILE
Pulse is a market leader in the acquisition, marketing and
licensing of 2D and 3D seismic data to the western Canadian energy
sector. Pulse owns the second-largest licensable seismic data
library in Canada, currently consisting of approximately 28,300
square kilometres of 3D seismic and 340,000 kilometres of 2D
seismic. The library extensively covers the Western Canada
Sedimentary Basin where most of Canada's oil and natural gas
exploration and development occur.
Pulse Seismic Inc.Neal ColemanPresident and CEO(403) 237-5559 or
Toll-free: 1-877-460-5559Pulse Seismic Inc.Pamela WicksVP Finance
and CFO(403) 237-5559 or Toll-free:
1-877-460-5559info@pulseseismic.comwww.pulseseismic.com
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