GRANDE PRAIRIE, AB, April 9 /CNW/ - Bonnett's Energy Services Trust
(TSX:BT.UN) ("Bonnett's", or the "Trust") is pleased to announce that it has
increased its credit facilities from $80 million to $100 million.
The credit facilities consist of a revolving operating facility of $35
million, a revolving capital acquisition facility of up to $15 million and a
$50 million non-revolving term facility. The credit facilities have been
arranged through a syndicate of Canadian Banks.
All three facilities are interest only until March 31, 2008 and
thereafter the capital acquisition ($15 million) and the term facility ($50
million) will be amortized over 6 years.
The credit facilities are renewable annually. To the extent that the
facilities are not renewed by the lenders, and the Trust is in compliance with
all terms and conditions of the facilities, the Trust has the option to extend
the facilities for an additional one year period.
The increase in the credit facilities provides Bonnett's with additional
flexibility and capacity as it continues to grow and deliver on its business
Bonnett's Energy Services Trust (TSX:BT.UN) is a completion and
production focused trust that provides cased hole wireline, testing, acid
stimulation, fracturing stimulation, nitrogen pumping as well as a line of
oilfield completion/fishing rental equipment and related services to oil and
natural gas exploration and production companies operating in the Western
Canadian Sedimentary Basin ("WCSB").
For further information:
For further information: Bonnett's Energy Services Trust,
firstname.lastname@example.org, Tel: (780) 830-2705