BRIEF-Cathedral Energy provides update on its credit facility and initiation of strategic alternatives process

Mon Aug 29, 2016 3:06am EDT
 
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Aug 29 (Reuters) - Cathedral Energy Services Ltd

* Cathedral energy services provides update on its credit facility and initiation of strategic alternatives process

* Says Export Development Canada ("edc") has joined Cathedral's banking syndicate

* Co's credit facility availability increased from that disclosed in Q2 results,credit facility commitments from BNS,NBF have decreased

* Co's credit facility availability is now $36 million reducing to $33 million by December 31, 2016 and $28 million by March 31, 2017

* Says lenders have also agreed to extend maturity of Cathedral's credit facility to November 2017

* Initiated a process to identify, examine and consider a range of strategic alternatives available to company

* For purposes of considering strategic alternatives, Cathedral has established a special committee of independent directors

* Special committee retained Firstenergy Capital Corp as its financial advisor in connection with review of strategic alternatives Source text for Eikon: Further company coverage: