Canadian energy services provider McCoy has secured a syndicated US$50mn revolving credit facility.

The loan was arranged by Bank of Nova Scotia (BNS) and the additional lenders include JP Morgan (neither the banks nor McCoy were able to confirm further details of the syndicate to GTR).

The facility will mature in three years, with an option to extend annually, and will be used to achieve growth strategy, for general corporate purposes and to repay outstanding loans.

Advances and banker’s acceptances under the facility will be priced at Canadian prime rate, US base rate and Libor plus 100 to 200 basis points. The loan will be secured by McCoy’s assets, plus those of its subsidiaries.

McCoy’s CEO Jim Rakievich says: “McCoy’s growth strategy focuses on expansion through both the development of innovative drilling and completions products, and the acquisition of businesses with complementary product portfolios. McCoy has proactively secured funds at favourable rates so we have the ability to efficiently execute on our growth strategy when the opportunity arises.”