Best Energy Oil Services Company Amends Credit Facility
Best Energy Services has amended its agreement with its senior lender, PNC, to restructure the terms and covenants of the Revolving Credit, Loan and Security Agreement ("Credit Facility"), originally dated February 14, 2008. The amended agreement, dated April 15, 2009, provides many benefits to Best Energy, including adjustments to the pricing, the allocation between the revolving and term loan portions of the facility, and other covenants.
"In my 30 years of experience in dealing with leading financial institutions, PNC has proven to be among the most constructive relationship-focused institutions I have encountered," stated Mark Harrington, Chairman and CEO of Best Energy. "They took the time to fully understand the serious financial challenges inherited by our new management team and the realities of extreme economic volatility rocking our industry. In response, they teamed with us to formulate a workable debt service strategy that will allow Best to effectively weather the current storm while making tangible progress towards meeting our organic growth objectives. Without question, next to Best's team of hard working employees, our most important asset is the valuable relationship we have successfully forged with PNC."