Enseco Energy Services Corp. (TSXV: ENS.V) noted on March 5 that under an agreement with its lender, effective Feb. 28, the company’s credit facilities would be amended.
The agreement was reached after Enseco breached its debt service coverage ratio and the ratio of current assets to current liabilities as at Dec. 31, 2013, the company said.
Pursuant to the amending agreement, the debt service coverage ratio testing frequency was changed to a quarterly trailing 12-months basis from an annual basis, Enseco Energy Services said.
The operating margin requirement was amended to exclude certain acceptable receivables, and pricing on all three credit facilities was increased by 0.5%, the company said.
Calgary-based Enseco Energy Services Corp. supplies directional drilling, production testing and frac flowback services to the Western Canadian Sedimentary Basin and some U.S. markets.
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