Logan International Announces Amendments to Its Credit Agreement
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 12/16/15 -- Logan International Inc. (TSX: LII) ("Logan" or the "Company") is pleased to announce that it has entered into an agreement with its lenders to make certain amendments (the "Amendments") to its credit agreement (the "Credit Agreement").
The key components of the Amendments include:
David MacNeill, President and Chief Executive Officer, commented, "We are pleased to announce the Amendments to the Credit Agreement. We are confident that the Commitment will provide ample liquidity to Logan through the maturity of the Credit Agreement and, further, we believe that the covenant relief will provide the financial flexibility the Company requires to endure through these difficult industry conditions. We would like to thank the banks for their continued commitment to Logan."
About Logan
Logan provides specialized downhole tools and services to oilfield service providers, drilling contractors and exploration and production operators. It is organized into three classifications:
Common shares of Logan are traded on the Toronto Stock Exchange (TSX) under the ticker symbol "LII".
Forward-Looking Statements
When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements relate to future events or future performance of Logan. This press release contains forward-looking statements with respect to the Company's ability to successfully amend the credit agreement and expectations regarding adequate liquidity through to December 2016, future economic conditions and operating results, continued assessment of personnel levels and exploration of the potential disposition of assets. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan's current views with respect to certain events, including the Company's ability to successfully amend the credit agreement, future economic recovery and fourth quarter operating results, and are subject to certain risks, uncertainties and assumptions. Although Logan believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan's Annual Information Form filed on , which identifies significant risk factors that could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan does not intend and does not assume any obligation to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.
For more information about Logan International Inc., please visit our website at .
Contacts:
Logan International Inc.
David MacNeill
Chief Executive Officer
281-617-5300 Houston
Logan International Inc.
Larry Keister
Chief Financial Officer
832-386-2534 Houston
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 16.12.2015 - 13:50 Uhr
Sprache: Deutsch
News-ID 440024
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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