CALGARY, ALBERTA -- (Marketwire) -- 10/18/11 -- Trican Well Service Ltd. (TSX:TCW) is pleased to announce that it has entered into a new $450 million four year extendible Revolving Credit Facility (the "New Facility") with a syndicate of banks led by HSBC Bank Canada. The New Facility replaces the previous $250 million three year extendible facility and is intended to be used to finance Trican's capital expenditures, working capital, and for general corporate purposes.
The New Facility is unsecured and bears interest at the applicable Canadian prime rate, U.S. prime rate, Banker's Acceptance rate or at LIBOR plus 50 to 325 basis points, dependent on certain financial ratios of the Company. The New Facility requires Trican to comply with certain financial and non-financial covenants that are typical for this type of arrangement.
This news release contains forward-looking statements, including statements regarding the Company's proposed use of funds under the New Facility. These statements speak only as of the date of this document and we do not undertake to publicly update these forward-looking statements except in accordance with applicable securities laws. The Company's actual decisions, activities, results, performance or achievement could differ materially from those expressed, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur.
Forward-looking statements are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. Assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.
Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: the ability to obtain future financing, the ability to generate sufficient cash flow to service the indebtedness, certain covenants and restrictions contained in the New Facility, changes in strategic and financial objectives, fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials.
Additional information regarding Trican including Trican's most recent annual information form is available under Trican's profile on SEDAR (www.sedar.com).
Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Australia and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
Requests for shareholder information should be directed to Dale Dusterhoft or Michael Baldwin.