CALGARY, Alberta, July 12, 2022 (GLOBE NEWSWIRE) — STEP Vitality Companies Ltd. (TSX:STEP) (“STEP” or the “Firm”) is happy to offer an replace on its credit score settlement.

STEP has entered into an settlement with a syndicate of Canadian banks which amends and extends its credit score settlement. The principal phrases of STEP’s Third Amended and Restated Credit score Settlement (the “Credit score Settlement”) embrace:

• a CAD $215 million revolving facility, a CAD $15 million working facility, a USD $15 million working facility; and
• a three-year time period with a maturity date of July 12, 2025.

The monetary covenants within the Credit score Settlement are as follows:

• Funded Debt to EBITDA Ratio: no more than 3.00:1.00, calculated quarterly on the final day of every Fiscal Quarter on a rolling 4 quarter foundation; and
• Curiosity Protection Ratio: not less than 3.00:1.00, calculated quarterly on the final day of every Fiscal Quarter on a rolling 4 quarter foundation.

The Firm’s banking syndicate is led by ATB Monetary as Administrative Agent, Co-Lead Arranger and Co-Bookrunner and the Canadian Imperial Financial institution of Commerce as Syndication Agent, Co-Lead Arranger and Co-Bookrunner. The syndicate additionally consists of the Financial institution of Montreal, the Financial institution of Nova Scotia, HSBC Financial institution Canada and the Toronto Dominion Financial institution, all of which had been individuals within the earlier facility. Export Growth Canada has exited STEP’s syndicate. STEP pays customary charges and bills at prevailing market charges to the lending syndicate as a situation of the modification.

The Credit score Settlement will probably be made accessible on SEDAR (www.sedar.com).

ABOUT STEP

STEP is an vitality providers firm offering deep capability coiled tubing and hydraulic fracturing providers to operators in North America. In Canada, STEP delivers coiled tubing and fracturing providers within the Western Canadian Sedimentary Basin. Within the U.S., STEP supplies coiled tubing and fracturing providers within the Permian Basin and Eagle Ford Shale Play in Texas together with coiled tubing providers within the Bakken Shale Play in North Dakota and the Uinta-Piceance and Niobrara-DJ Basin in Utah and Colorado, respectively. STEP delivers the experience – the folks, the gear, and the data – required to enhance operational efficiencies and productiveness in prolonged attain wellbore designs. On the coronary heart of STEP’s technique is the corporate’s dedication to the execution of protected initiatives, its dedication to its group of area professionals and in the end to offering oil and gasoline producers an Distinctive Shopper Expertise.

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