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Share Name | Share Symbol | Market | Type |
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TSXV:LEA | TSX Venture | Common Stock |
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Leader Energy Services Ltd. (TSX VENTURE:LEA) ("Leader" or the "Company") announces that it has entered into new credit facilities with a Canadian chartered bank and as a result, will be making an $8.9 million principal payment to retire its current 12% secured debt facility and as well, has transferred its demand revolving facility to its new lender. The terms of the 12% secured debt facility allows pre-payments without penalty. This new debt facility will save Leader approximately $0.7 million in cash interest per year. Leader's new credit facilities include a demand revolving facility of up to $5 million, a 3 year committed non-revolving term loan of up to $9 million amortized over 60 months with provision to extend for two additional one year terms subject to lender approval, and a demand revolving reducing capex loan of up to $2 million. These credit facilities contemplate interest at prime plus 1.25% and are subject to normal and customary terms and coverage ratios. In addition, the $5 million demand revolving facility is subject to borrowing base calculations based on receivables and inventory. Whitehorn Merchant Capital Inc. provided advisory services to Leader during its review of alternative credit proposals and assisted with negotiating the new credit facilities. Leader provides well stimulation services in western Canada. Further information on Leader can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com. Forward-looking Information This press release contains certain statements or disclosures relating to the Company that are based on the expectations of the Company as well as assumptions made by and information currently available to the Company which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information.
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