Increase to Credit Facilities and Capital Budget CALGARY, AB, Nov. 25, 2021 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) is pleased to announce that it has executed an agreement with its lenders which amends and increases its credit facilities (the "Credit Facilities"). The amendments to the Credit Facilities include the following key items:
- the exercise of the accordion feature to increase the syndicated facility by $25.0 million to $205.0 million, which together with the $45.0 million operating facility, increases the capacity of the Credit Facilities to $250.0 million and provides additional liquidity;
- the addition of Canadian Western Bank to the lending syndicate; and
- the lenders' approval of a capital budget of up to $70.0 million for 2021.
Concurrent with these amendments, Calfrac's board of directors approved a further increase in the Company's 2021 capital budget from $61.0 million to $70.0 million in order to support the growth of its North American operations throughout the course of 2021 and into 2022.
Calfrac's Chief Financial Officer, Mike Olinek, commented: "We are pleased to report the increase to our Credit Facilities and the addition of Canadian Western Bank to our lending syndicate. The increase in our Credit Facilities provides additional financial flexibility in order to advance our strategy in the context of an improving business environment, while the increase to our capital program will ensure that the Company's fleet is maintained to our high standards and positions Calfrac to take advantage of the increase in activity that is anticipated for 2022."
Calfrac's common shares and warrants are publicly traded on the Toronto Stock Exchange under the trading symbols "CFW" and "CFW.WT", respectively.
Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Argentina and Russia.