Cordy Enters Into Amended and Restated Credit Facility
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 05/26/15 -- Cordy Oilfield Services Inc. ("Cordy" or the "Corporation") (TSX VENTURE: CKK) announces that it has entered into an amended and restated loan and security agreement with Nations Equipment Finance, LLC (the "Lender") effective Friday May, 22, 2015 (the "Amended and Restated Facility").
The Amended and Restated Facility is an amendment and restatement of the original loan and security agreement with the Lender effective June 9, 2014 (the "Original Loan Agreement"), the particulars of which are disclosed in a news release filed on June 9, 2014 on the Corporation's SEDAR profile at .
All amounts outstanding under the Original Loan Agreement were consolidated under a single loan, the new outstanding amount being $2,356,981.58 (the "New Amount"). No new funds were advanced to Cordy under the Amended and Restated Facility. Pursuant to the terms of the Amended and Restated Facility, the New Amount is payable in 60 consecutive monthly installments of principal and interest in the amount of $52,500, commencing June 22, 2015, subject to earlier repayment. The New Amount bears interest at a rate of 12% per annum and its repayment is secured against certain collateral provided in respect of the Original Loan Agreement.
The amount of $600,000 (the "Holdback") held back as additional collateral pursuant to the terms of the Original Loan Agreement remains deposited with Cordy's legal counsel, as escrow agent. The Holdback is releasable to Cordy upon the satisfaction of certain conditions related to Cordy's fixed charge coverage ratio.
Additional information on Cordy is available on our website or on Cordy's SEDAR profile at . For additional information about Nations, please visit .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
For general or investor relations information
please contact:
David Mullen, Chairman and CEO
(403) 266-2067
(403) 266-2087 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 26.05.2015 - 15:17 Uhr
Sprache: Deutsch
News-ID 395785
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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