CALGARY, Alberta, Aug. 03, 2021 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (“STEP”) is pleased to announce that it has entered into an agreement with its lenders to both extend and amend its credit facilities.
The maturity date of STEP’s credit facilities has been extended by 13 months, from June 25, 2022 to July 30, 2023. As well, covenant relief provisions therein have been extended, permitting a maximum Funded Debt to EBITDA Ratio of 3.50:1, and a maximum Interest Coverage Ratio covenant of 3.00:1, for the fiscal quarter ending June 30, 2022.
STEP’s Executive Vice President and Chief Financial Officer, Michael Kelly, commented, “We are very pleased with and thankful for the continued support of our banking partners. Debt reduction has been a focus for STEP and since October 2018 we have repaid almost $115 million, reducing the balance outstanding by 37% - a fantastic achievement during challenging times”.
FORWARD LOOKING STATEMENTS
Certain statements contained in this Press Release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking statements”). These statements relate to the expectations of management about future events, results of operations and the Company’s future performance (both operational and financial) and business prospects. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “continued”, “expects”, “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. While the Company believes the expectations reflected in the forward-looking statements included in this Press Release are reasonable, such statements are not guarantees of future performance or outcomes and may prove to be incorrect and should not be unduly relied upon. In particular, this Press Release contains forward looking statements pertaining to the continuation of certain banking relationships. The forward-looking information and statements contained in this Press Release speak only as of the date of the document, and none of STEP or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws. The reader is cautioned not to place undue reliance on forward-looking information.
STEP is an oilfield service company that provides stand-alone and fully integrated fracturing, coiled tubing and wireline solutions. Our combination of modern equipment along with our commitment to safety and quality execution has differentiated STEP in plays where wells are deeper, have longer laterals, and higher pressures.
Founded in 2011 as a specialized deep capacity coiled tubing company, STEP now provides an integrated solution for deep capacity coiled tubing and fracturing services to exploration and production (“E&P”) companies in Canada and the United States. Our Canadian services are focused in the WCSB, while in the U.S., our services are focused in the Permian and Eagle Ford in Texas, the Uinta-Piceance, and Niobrara-DJ basins in Colorado and the Bakken in North Dakota.
For more information please contact:
Chief Executive Officer
Executive Vice President & Chief Financial Officer