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Petrowest Updates Credit Facilities Ahead of 2016
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Petrowest Corporation reported that its lenders (under both the syndicated credit facility and the subordinated debt agreement) have granted waivers to February 29, 2016 of non-compliance with certain financial covenants in the Company's credit facilities.
Specifically, the waivers are of the following covenants: senior funded debt to Adjusted EBITDA, total funded debt to Adjusted EBITDA, minimum Adjusted EBITDA of $20.7 million for the trailing four quarterly periods ending on December 31, 2015 , and the negative variance covenant between monthly reported Adjusted EBITDA and budgeted Adjusted EBITDA.
The waivers are conditional on Petrowest providing a 2016 budget to its lenders on or before January 18, 2016 .
Lloyd Wiggins , Petrowest's Chief Financial Officer, states "Petrowest is excited entering 2016 following the award of its largest project since inception, BC Hydro Site C Clean Energy Project. The project is expected to get underway in early January and provides the Company with a transformational growth trajectory entering 2016. It is encouraging to receive the continuing support from our lenders as we enter these transformational times."
Petrowest expects to disclose additional information in regards to its 2016 outlook and revised financial covenants in early 2016.
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