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CALGARY, ALBERTA--(Marketwired - Nov. 13, 2015) - Trican Well Service Ltd. ("Trican" or the "Corporation") (TSX:TCW) is pleased to announce that it has completed the definitive agreements with its bank lenders under its revolving credit facility ("RCF"), and with the holders of its senior notes, to make certain amendments to the applicable credit documentation.
As previously announced, on September 25, 2015 Trican reached an agreement in principle with its lenders and noteholders to make certain amendments to the Corporation's financial covenants. Today the formal documentation was finalized and the necessary transactions were closed to implement this covenant relief agreement on the terms and conditions previously announced.
Concurrently with execution of the definitive agreements, Trican has committed to make pro rata payments to the lenders under the RCF and the holders of senior notes allocating the net proceeds from the recent sale of its Russian pressure pumping business, for a total debt repayment of $193.5 million.
Dale Dusterhoft, Chief Executive Officer, commented, "We are very pleased to have this amending agreement completed. We are now focused on moving forward to managing our business through the current downturn."
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.