IROC Energy Services Corp. announces renewal of credit facilities
CALGARY, May 28, 2009 (Canada NewsWire via COMTEX) -- IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX: "ISC") is pleased to announce that it has renewed its credit facility with its syndicate of lenders arranged by National Bank Financial as Lead Arranger and Sole Bookrunner, including National Bank of Canada as Administrative Agent and Lender, Canadian Western Bank and Alberta Treasury Branches. The renewal extends the revolving feature of the facility to May 29, 2010.
Due to a significant increase in renewal and standby fees, management requested a decrease in the facility size from $75.5-million to $40-million. The credit facility has an accordion feature that allows the Corporation to increase the credit facility by $20-million at a future date, subject to certain terms and conditions.
Tom Alford, President and CEO of IROC commented that "we are pleased that the National Bank of Canada, Canadian Western Bank and Alberta Treasury Branches continue to support our business and future growth. The renewal and commitment of the lenders in this syndicate is a reflection of their confidence in the quality and diversity of our assets as well as the operating strength of our company."
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the WCSB. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in three core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, and Rental Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.
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SOURCE: IROC Energy Services Corp.
IROC Energy Services Corp., Mr. Thomas M. Alford, President and CEO or Mr. Kevin
Howell, CFO, Telephone: (403) 263-1110, email: investorrelations@iroccorp.com
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