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OFS - Step Energy Services gets credit facilities ratios relaxed - February 2020

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Step Energy Services extended its credit facilities to give it more flexibility. Lenders changed the required funded-debt-to-adjusted-bank-EBITDA ratio to 4.50:1 for rest of the year, ticking down to 4:1 through 1H21 and 3:1 thereafter. The earlier agreement was for 4:1 in Q1 and 3.5:1 in Q2 then 3:1 thereafter. Interest continues to be payable monthly at the bank’s prime lending rate plus 50-300 bps depending on certain financial ratios of the company. The Calgary-based......
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