Civeo corporation announces amendment and extension to credit facility
Civeo corporation announced completion of an amendment and extension to its credit facility. among other things, the amended credit facility: extends the maturity date of the commitment and loans of certain lenders thereunder by 12 months to november 30, 2021; adjusts the permitted level of civeo’s total leverage ratio (total debt to consolidated ebitda) to a maximum of 4.25x for the third quarter of 2019, 4.00x in the fourth quarter of 2019, 3.75x in the first, second and third quarter of 2020 and 3.50x in the fourth quarter of 2020 and thereafter; and increases the canadian revolving commitment by approximately $24 million to $183.5 million. in conjunction with this amendment civeo has added a new lender to its credit facility, thereby increasing the canadian revolving commitment level by approximately $24 million. two existing lenders are not extending the maturity date of their commitments and will exit the credit facility on november 30, 2020, reducing the total consolidated commitment level on that date by approximately $56 million. accordingly, civeo’s total commitments under its credit facility will, on a net basis, be approximately $32 million lower on november 30, 2020.
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