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Savanna's Credit Facility Extended Due to Low Prices
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Savanna Energy Services Corp. has announced that Savanna's syndicate of lenders have approved the renewal and extension of its senior secured credit facility and amendments to the financial covenants related thereto.
The renewal, extension, and financial covenant amendments provide Savanna with increased financial flexibility amidst the prevailing uncertain market conditions.
Savanna's senior secured revolving credit facility remains comprised of a $220 million Canadian syndicated facility, a $10 million Australian facility, and a $20 million Canadian operating facility.
In addition, as part of the renewal, Savanna retained an available $50 million accordion, which it can request as an increase to the total available facility. The entire $250 million facility is for a committed four-year…
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