Shawcor will repay and reduce credit facility, seeks extension

Chicago, Dec. 2 – Shawcor Ltd. announced that it will use a new offering of C$150 million of notes to repay borrowings on its syndicated credit facility, according to a press release.

After the repayment, the company plans to reduce the facility to $300 million from $500 million.

Shawcor is also working to extend the term of the credit facility and will provide further details at a later time.

Toronto-based Shawcor is an energy services company specializing in products and services for the pipeline and pipe services segment of the oil and gas industry.

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