Essential Energy enters C$100 million secured revolver due 2017

By Marisa Wong

Madison, Wis., May 29 - Essential Energy Services Ltd. entered into a renewed credit agreement on Thursday with a syndicate of lenders including National Bank of Canada, Toronto-Dominion Bank, HSBC Bank Canada and Canadian Western Bank for a C$100 million secured revolving credit facility.

The three-year revolver includes an accordion feature that allows Essential to increase the credit facility by C$35 million at a future date, according to a press release.

The facility matures on May 31, 2017.

At closing, Essential had C$41 million of debt outstanding.

Essential is an oilfield services provider based in Calgary, Alta.

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