Pulse Seismic Announces Renewal and Extension of Revolving Credit Facility

Source: www.gulfoilandgas.com 12/21/2021, Location: North America

Pulse Seismic Inc. has renewed its revolving credit facility and extended the maturity date for two years to January 15, 2025.

The facility’s available borrowing amount remains at $25.0 million and all other major terms, including financial covenants, are unaffected by the renewal. As of today, the balance drawn on the revolving credit facility is $1.4 million, leaving $23.6 million available.

At the end of 2020 Pulse owed a total of $28.0 million in long-term debt, consisting of $18.0 million owing on the senior revolving credit facility and $10.0 million in subordinated debt to a third party. In June 2021, the subordinated debt was fully repaid, and by October 2021 the balance owing on the revolver had been repaid. Since then the Company has made $2.8 million in dividend payments including a $0.04 per share special dividend and the first of a $0.0125 reinstated regular quarterly dividend.

Pulse has had an excellent year, largely driven by transaction-based sales related to E&P industry consolidation, as announced in the 2021 sales update last week. The significant amount of cash to be received in January, including the $9.7 million related to the large deal that was finalized on December 13, 2021, will enable repayment of the revolving credit facility’s balance.

The revolving credit facility provides the Company with flexibility and liquidity for future strategic growth. As the owner of the largest seismic data set in western Canada, Pulse is pleased to have the ongoing support of its long-term lender as it strives to be the primary provider of readily available seismic data to traditional E&P customers as well as energy transition customers.


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