CALGARY, May 28 /CNW/ - IROC Energy Services Corp. ("IROC" or the
"Corporation") (TSX: "ISC") is pleased to announce that it has renewed its
credit facility with its syndicate of lenders arranged by National Bank
Financial as Lead Arranger and Sole Bookrunner, including National Bank of
Canada as Administrative Agent and Lender, Canadian Western Bank and Alberta
Treasury Branches. The renewal extends the revolving feature of the facility
to May 29, 2010.
Due to a significant increase in renewal and standby fees, management
requested a decrease in the facility size from $75.5-million to $40-million.
The credit facility has an accordion feature that allows the Corporation to
increase the credit facility by $20-million at a future date, subject to
certain terms and conditions.
Tom Alford, President and CEO of IROC commented that "we are pleased that
the National Bank of Canada, Canadian Western Bank and Alberta Treasury
Branches continue to support our business and future growth. The renewal and
commitment of the lenders in this syndicate is a reflection of their
confidence in the quality and diversity of our assets as well as the operating
strength of our company."
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that,
through the IROC Energy Services Partnership, provides a diverse range of
products, services and equipment to the oil and gas industry that are among
the newest and most innovative in the WCSB. IROC combines cutting-edge
technology with depth of experience to deliver a product and services offering
in three core areas: Well Servicing & Equipment, Downhole Temperature &
Pressure Monitoring Tools, and Rental Services. For more information on IROC
Energy Services Corp. visit our website at www.iroccorp.com.
%SEDAR: 00014277E
For further information: IROC Energy Services Corp., Mr. Thomas M.
Alford, President and CEO or Mr. Kevin Howell, CFO, Telephone: (403) 263-1110,
email: investorrelations@iroccorp.com
