Canyon Services eases covenant requirements via revolver amendments

By Wendy Van Sickle

Columbus, Ohio, Dec. 19 – Canyon Services Group Inc. amended its revolving operating credit facility to provide increased flexibility and for reduced financial covenant requirements, according to a press release.

Key financial covenant amendments include a deferral of testing the debt-to-EBITDA ratio calculation until Dec. 31, 2017 and a deferral of the debt service coverage ratio calculation until Sept. 30, 2017.

At Sept. 30, Canyon had C$15 million drawn on the C$100 million credit facility.

The Calgary, Alta.-based oilfield services company focuses its operations in the Western Canadian Sedimentary Basin with two core business lines: pressure pumping services and full-service fluid management and hauling services.

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