Total Energy pays down C$40.2 million term loan with new facility

By Rebecca Melvin

New York, April 29 – Total Energy Services Inc. has repaid a C$40.2 million term loan that matured April 29 with proceeds of a new term loan for C$50 million, according to a company release.

The new term loan matures on April 29, 2025, bears interest at 3.1%, and is amortized over 20 years with blended monthly principal and interest payments.

Certain real estate constituting about 45% of Total Energy’s owned real estate based on net book values as at Dec. 31, secures the term loan.

The additional proceeds will be used to reduce debt under Total Energy’s revolving syndicated bank credit facility.

Total Energy is a Calgary, Alta.-based oil drilling contractor.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.