CALGARY,
AB, June 28, 2022 /CNW/ - Calfrac Well
Services Ltd. ("Calfrac" or the "Company") (TSX: CFW)
announces the repayment and cancellation yesterday of the Company's
$25.0 million 8.00% secured bridge
loan (the "Bridge Loan") from G2S2 Capital Inc., a company
controlled by George Armoyan, a
director of Calfrac. The Company had drawn $15.0 million under this loan facility prior to
its repayment.
The Bridge Loan was executed during the first quarter of 2022 in
order to fund the Company's short-term working capital requirements
as the pressure pumping services market significantly improved in
North America.
Mike Olinek, Chief Financial
Officer of the Company commented, "The repayment of the Bridge Loan
is a positive step for Calfrac as we continue to demonstrate
improvements in our liquidity position in this tightening services
market. Moving forward, we remain focused on further
optimizing our operating efficiencies, securing net pricing
increases from our customers and prudently allocating capital in
order to maximize the Company's free cash flow, which will be
dedicated to further reductions in our long-term debt."
Calfrac's common shares and warrants are publicly traded on the
Toronto Stock Exchange under the trading symbols "CFW" and
"CFW.WT", respectively.
Calfrac provides specialized oilfield services to exploration
and production companies designed to increase the production of
hydrocarbons from wells with operations focused throughout western
Canada, the United States and Argentina.
SOURCE Calfrac Well Services Ltd.