CALGARY, AB, 25 November 2021 / CNW / – Calfrac Well Services Ltd. (“Calfrac“or the”Society“) (TSX: CFW) is pleased to announce that it has signed an agreement with its lenders which amends and increases its credit facilities (the”Credit facilitiesThe changes to the credit facilities include the following key elements:
- the exercise of the accordion function to increase the syndicated ease of $ 25.0 million To $ 205.0 million, who, with the $ 45.0 million operating facility, increases the ability of credit facilities to $ 250.0 million and provides additional liquidity;
- the addition of Canadian Western Bank to the syndicate of lenders; and
- approval by lenders of a capital budget of up to $ 70.0 million for 2021.
Along with these changes, Calfrac’s board of directors approved a further increase in the Company’s investment budget for 2021 of $ 61.0 million To $ 70.0 million to support the growth of its North American business through 2021 and into 2022.
Financial Director of Calfrac, Mike Olinek, commented, “We are pleased to announce the increase in our credit facilities and the addition of Canadian Western Bank to our syndicate of lenders. The increase in our credit facilities provides additional financial flexibility to advance our strategy in the context of an improved business environment, while the increase in our investment program will ensure that the Company’s fleet is maintained to our high standards and positions Calfrac to take advantage of the increased activity planned for 2022. ”
Calfrac’s common shares and warrants are listed on the Toronto Stock Exchange under the ticker symbols “CFW” and “CFW.WT”, respectively.
Calfrac provides specialized petroleum services to exploration and production companies designed to increase hydrocarbon production from wells drilled throughout the west Canada, United States, Argentina and Russia.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “plan”, “should”, “believe”, “plan” “,” Intend “and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to the liquidity, the investment budget, the commercial environment and the financing strategy of Calfrac.
These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it deems appropriate. under the circumstances. Although Calfrac believes that the expectations and assumptions on which these forward-looking statements and information are based are reasonable, one should not place undue reliance on forward-looking statements and information, as Calfrac cannot guarantee that they will prove to be correct. . Because forward-looking statements and information deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently expected due to a number of factors and risks. These include, but are not limited to, risks associated with: Calfrac’s ability to continue to manage the effect of the COVID-19 pandemic on its operations; actions taken by Wilks Brothers, LLC; decisions of securities regulatory authorities and / or courts; default under the terms of the Company’s credit facilities and / or the Company’s senior secured notes due to a breach of the covenants thereof; the inability to enter into additional agreements with the Company’s lenders; the impact of events of default relating to other material contracts of the Company, including, but not limited to, cross-defaults resulting in the acceleration of amounts payable under them or the termination of such agreements; failure to receive regulatory, judicial, third party and other relevant stakeholder approvals or rulings with respect to the recapitalization transaction or court orders granting execution thereof; global economic conditions; as well as the risks and uncertainties identified under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 26, 2021, as filed on SEDAR at www.sedar.com.
The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac assumes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. This press release is not an offer of securities for sale in United States. Securities may not be offered or sold in United States in the absence of an exemption from registration under the Securities Act of 1933.
SOURCE Calfrac Well Services Ltd.
For further information: Michael D. Olinek, Chief Financial Officer at (403) 266-6000.