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Trican Bounces Back, Adjusts to Market
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Trican Well Service Ltd. has announced that it has reached an agreement in principle with its bank lenders under its revolving credit facility and the holders of its senior notes to make certain amendments to the applicable credit documentation.
The proposed amendments include, among others, the following amendments to Trican's financial covenants:
no financial covenants will be applicable for the third and fourth quarters of 2015; maximum Debt to Capitalization test will no longer apply; a minimum quarterly EBITDA of CAD$20 million for the first quarter of 2016; a minimum cumulative EBITDA of CAD$50 million for the third quarter of 2015, fourth quarter of 2015 and first quarter of 2016 to be applied at the end of the first quarter of 2016; on April 27, 2016, a minimum liquidity test of…- ✓ Full news archive — U.S., Canada & international coverage
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