Boston – June 16, 2011 – Crystal Financial LLC announced today that it has agented a C$47.9 million term loan for Petrowest Energy Services Trust (TSX: PRW.UN). Nations Equipment Finance LLC is the collateral agent for the facility. Based in Calgary, Alberta, Petrowest is a leading provider of pre-drilling and post-completion energy and civil infrastructure services to the northern region of the western Canadian sedimentary basin.
Colin Cross, Senior Managing Director of Crystal Financial, stated: “We are pleased to provide this new term loan facility to Petrowest Energy Services to refinance the company’s existing credit facility. We believe that the company and the management team are well-positioned to take advantage of the growth in demand for Petrowest’s services in the northern region of western Canada.”
Randy Hicks, Managing Director of Nations Equipment Finance, stated: “We are pleased to partner with Crystal in providing this new term loan to Petrowest. The transaction brought the respective strengths of Nations and Crystal together to provide a tailored equipment financing solution to Petrowest. We expect that Petrowest will prosper over the coming years.”
“We are looking forward to working with the Crystal/Nations team,” stated Rick Quigley, President and CEO of Petrowest. “The experience to date has been great and it is a welcome change to be working with ‘financial partners’ who take the time to understand our business and our financing needs. With business activity growing, this is the perfect time to complete this refinancing and allow everyone to focus on growing our business.”
Petrowest Energy Services was advised by Canaccord Genuity, the global capital markets division of Canaccord Financial Inc. (TSX:CF).
About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured loans to middle market companies in all industries. Crystal Financial’s seasoned team of debt-structuring experts have made over $20 billion in loans to companies across a wide array of industries. For additional information about Crystal Financial, please visit https://www.crystalfinco.com/.
About Nations Equipment Finance
Nations Equipment Finance is an equipment leasing and finance business that provides middle market companies with $1 million to $50 million equipment leases and term loans. Nations was founded and is managed by a seasoned team of professionals with collectively over 100 years of experience in the equipment finance and leasing industry. For additional information about Nations, please visit http://www.nationsequipmentfinance.com/.
About Petrowest Energy Services
Petrowest is a leading provider of pre-drilling and post-completion energy and civil infrastructure services to the northern region of the western Canadian sedimentary basin. Petrowest is an unincorporated, open-ended, limited purpose, mutual fund trust established under the laws of Alberta.