Canadian Equipment Rentals Corp. Signs Sixth Amending Credit Agreement
CALGARY, ALBERTA – February 28, 2017: Canadian Equipment Rentals Corp. (the “Company”) (TSX VENTURE: CFL) today announced that it has entered into a Sixth Amending Agreement with its senior lenders. This agreement expires on April 28, 2017 and provides the Company additional time to secure a refinancing solution that will result in repayment of the existing amounts due to the senior lenders.
To assist in this effort, the Company has engaged Ernst & Young Orenda Corporate Finance Inc. as exclusive advisor with respect to the process. The scope of the process includes securing replacement financing for the senior lenders and simultaneously exploring alternative strategic options to satisfy both lender demands and maximize shareholder value.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation and parent company to Zedcor Energy Services Inc. (“Zedcor”). Zedcor is engaged in the rental of surface equipment and accommodations to the Western Canadian Oil and Gas Industry. The Company trades on the TSX Venture Exchange under the symbol “CFL”.
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “should”, “project”, “demand”, “may have been” or similar words suggesting future outcomes or expectations. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information based on current expectations, estimates and projections involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will be proved to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
For further information contact:
Chief Financial Officer
P: (403) 930-5434
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