Total Energy Services Inc. Completes Debt Refinancing
CALGARY, Alberta, April 29, 2020 (GLOBE NEWSWIRE) — Total Energy Services Inc. (“Total Energy”) (TSX:TOT) announces that it has repaid a $40.2 million term loan that matured on April 29, 2020 with the proceeds from a new $50.0 million term loan that matures on April 29, 2025 (the “Term Loan”).
The Term Loan has a five-year term, bears interest at a fixed annual rate of 3.10% and is amortized over 20 years with blended monthly principal and interest payments. The Term Loan is secured by certain real estate constituting approximately 45% of Total Energy’s owned real estate based on net book values as at December 31, 2019. The additional proceeds from the Term Loan will be used to reduce indebtedness under Total Energy’s revolving syndicated bank credit facility.Headquartered in Calgary, Alberta, Total Energy provides contract drilling services, rentals and transportation services, well servicing and compression and process equipment and service to oil and natural gas producers operating in North America, Australia and other international markets. The common shares of Total Energy are listed and trade on the TSX under the symbol “TOT”.For further information, please contact Yuliya Gorbach, Vice-President Finance and Chief Financial Officer at (403) 216-3920 or by e-mail at: [email protected] or visit our website at www.totalenergy.ca.The TSX has neither approved nor disapproved of the information contained herein.