CALGARY, Sept. 30, 2011 /CNW/ - Bonnett's Energy Corp. (TSX: BT) ("the
Corporation") is pleased to announce that it has entered into a new
credit agreement with RBC Royal Bank.
The agreement provides for credit facilities totaling $40 million,
comprised of a $15.0 million revolving operating facility, a $15.0
million revolving facility and a $10.0 million non-revolving term
facility. Borrowing costs are at the bank's prime rate plus 1% on the
operating facility and prime rate plus 1.5% on the revolving facility
and non-revolving term facility.
The new credit facilities replace the existing credit facilities.
Murray Toews, President and Chief Executive Officer of Bonnett's Energy
Corp. said "The new credit agreement provides additional financial
flexibility while reducing our cost of borrowing. We are very pleased
to partner with RBC Royal Bank and we are looking forward to growing
our business together."
Bonnett's Energy Corp. is a provider of wireline, frac flow-back and
testing, fishing, and swabbing services in the Western Canadian
SOURCE Bonnett's Energy Services Trust
For further information:
Additional information can be obtained by contacting the Corporation at Bonnett's Energy Corp., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta, T8V 2Z9. Information is also available on the Corporation's website at www.bonnettsenergy.com; Murray Toews, Chief Executive Officer at (780) 513-3400 or David Ross, Chief Financial Officer at (403) 264-3010, Fax: (403) 693-0093, E-mail: firstname.lastname@example.org