Xtreme (TSX:XDC) has finalized an additional $10 million loan with HSBC Canada. The loan along with the existing facility increases the debt capacity of the company to $160 million. The additional financing will be used for general corporate purposes as well as to complete the remaining two XDR 500 drilling rigs that are in process and scheduled to deploy on three year term contracts in August and October.
At this time the company does not anticipate going forward with the previously announced debt instrument. After exploring the market, management determined that the combination of the existing credit facility and the new loan provides the liquidity needed at terms that are more favourable to the company.
Recommended Reading
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.