Total Energy Services Inc. (TSX: TOT) has entered a $90 million revolving credit facility agreement with a syndicate of Canadian chartered banks. The new credit facility will replace the company's past $65 million credit facilities and has been used to repay about $41 million under the previous facility.
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The company plans to use the remaining availability for acquisitions and growth expenditures, working capital and general corporate purposes.
Total Energy Services Inc., formerly Total Energy Services Trust (Total Energy or the Trust) is a Canadian energy services income trust. Through its wholly owned subsidiaries, the Trust is involved in two core business sectors: drilling services and production services.
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