Petro-industrial service provider, state bank cement mortgage contract

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High Arctic currently has a credit facility with HSBC maturing August 31, 2023 that has been modified to take out BDC’s mortgage, the parties said.

“Availability has been reduced from $ 45 million to $ 37 million and location-specific assets held as mortgage collateral for BDC have been carved out,” said High Arctic. “The credit facility is still subject to certain EBITDA conditions; Outside of these covenants, however, at least US $ 5 million can be drawn. “

All other material terms of the HSBC credit facility will remain unchanged, High Arctic said.

“The mortgage financing strengthens the company’s capital structure by providing a layer of long-term debt that is positioned to survive the energy services business cycle,” said Lance Mierendorf, High Arctic’s chief financial officer.

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