CWC Energy Services Corp. has entered into an agreement with its banking syndicate to amend its credit facility (the "Credit Facility").
In addition, given the current uncertainty in the oilfield services sector, the Board of Directors has suspended the Company's quarterly dividend.
Credit Facility Amendments
The amendments reflect, among other provisions, the following revisions to CWC's financial covenants and terms under the Credit Facility:
The financial covenant for Consolidated Debt to EBITDA ratio changed to 5.0:1 for December 31, 2015, increasing to 5.25:1 for March 31, 2016 and June 30, 2016, increasing to 5.5:1 for September 30, 2016, decreasing to 5.0:1 for December 31, 2016 and decreasing to 3.0:1 thereafter;