CALFRAC ANNOUNCES REPAYMENT OF BRIDGE LOAN
CALGARY, Alta., June 28, 2022 /CNW/ – Calfrac Well Services Ltd. (“Calfrac“or the”Company“) (TSX: CFW) announces the refund and cancellation yesterday of $25.0 million Bridge loan guaranteed at 8.00% (the “Bridging loan“) of G2S2 Capital Inc., a company controlled by George Armoyan, director of Calfrac. The Company had fired $15.0 million under this loan facility prior to its repayment.
The bridge loan was executed during the first quarter of 2022 to fund the Company’s short-term working capital needs as the market for pressure pumping services improved significantly in North America.
Mike OlinekChief Financial Officer of the company, said, “The repayment of the bridge loan is a positive step for Calfrac as we continue to demonstrate our improving liquidity position in this tightening services market. Going forward, we remain focused on optimizing our operational efficiencies. , obtaining net price increases from our customers and prudently allocating capital to maximize the Company’s free cash flow, which will be dedicated to further reductions in our long-term debt.”
Calfrac’s common shares and warrants trade on the Toronto Stock Exchange under the symbols “CFW” and “CFW.WT”, respectively.
Calfrac provides specialized oilfield services to exploration and production companies aiming to increase hydrocarbon production from wells with concentrated operations in the west Canada, United States and Argentina.
SOURCE Calfrac Well Services Ltd.
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