Source Energy upsizes ABL facility to C$88 million, plans repayment

By Sarah Lizee

Olympia, Wash., May 23 – Source Energy Services Ltd. amended its existing asset-based lending facility on Friday to increase the availability to C$88 million from C$70 million, according to a press release.

Additionally, the company intends to repay drawn amounts under the facility using proceeds from a proposed private placement of C$40 million 10½% senior secured first-lien notes due 2021.

Borrowings under the facility may be used for general corporate purposes, to fund working capital and capital expenditures.

Source Energy is a Calgary, Alta.-based producer, supplier and distributer of Northern White frac sand primarily to the Western Canadian Sedimentary Basin.

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