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| Home : Xtreme Expands Credit Facility to Fund Growth |
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Nov 05
2011 |
Xtreme Expands Credit Facility to Fund Growth |
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CALGARY, ALBERTA--(Marketwire - Nov. 4, 2011) - Xtreme Drilling and Coil Services (TSX:XDC) ("Xtreme" or the "Company") announced today it has entered into an agreement ("Credit Agreement") with a syndicate of financial institutions led by HSBC Bank Canada to provide an increased credit facility of $150 million which replaces the previous $90 million facility. The new Credit Agreement consists of $15 million as a revolving operating loan facility to assist with financing general corporate and working capital requirements and $135 million as an extendible loan facility to refinance existing bank debt and to provide working capital for capital expenditures focused primarily on new-build rig contracts. The Credit Agreement is secured by the Company's North American rig assets and is provided on a one-year annually renewable term. If not renewed, both facilities convert to a two-year non-revolving term loan. |
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| Source:http://www.marketwire.com/mw/release.do?id=1582523&sourceType=3 |
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