Trinidad Drilling gets C$200 million revolver, $200 million revolver

By Susanna Moon

Chicago, Dec. 15 – Trinidad Drilling Ltd. said it obtained amended four-year credit facilities that include a C$200 million Canadian revolving facility and a $200 million U.S. revolving facility.

Trinidad's facilities were increased from C$200 million and $100 million, respectively, according to a company press release.

The facilities include extended terms and additional commitments under the U.S. dollar-denominated revolving facilities, the company said.

The amended agreement was jointly led by Royal Bank of Canada and Wells Fargo Bank, NA with RBC as the agent for the Canadian credit facilities and Wells Fargo as the agent for the U.S. credit facilities.

The facilities mature on Dec. 12, 2018 with an annual renewal, the company said.

Interest will be based on leverage.

“The extension and amendment to our existing credit agreement provides Trinidad with added financial flexibility,” Lyle Whitmarsh, Trinidad’s chief executive officer, said in the press release.

“Our credit facility remains undrawn currently; however, the increased capacity and altered currency split aligns with Trinidad’s long-term strategy to grow its business when commodity prices improve.

“We will continue to manage our leverage, maintaining a conservative balance sheet while also pursuing opportunities to add value for our shareholders.”

Trinidad Drilling is a Calgary, Alta.-based provider of oil and gas drilling equipment.

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