DBRS Finalizes Provisional Rating on Source Energy Services Canada LP and Source Energy Services Canada Holdings Ltd.

DBRS Limited (DBRS) finalized its provisional rating on the Senior Secured First Lien Notes (the Senior Notes) of Source Energy Services Canada LP and Source Energy Services Canada Holdings Ltd. at B (high) with a Recovery Rating of RR3.

The Senior Notes mature on December 15, 2021, and bear interest at a fixed annual rate of 10.50%. The net proceeds of $54.2 million from the Senior Notes issuance is proposed to be used to repay amounts drawn under the existing Asset-Backed Loan facility. For additional information please refer to the DBRS report dated May 31, 2018.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Oil and Gas and Oilfield Services Industries and DBRS Criteria: Recovery Ratings for Non-Investment Grade Corporate Issuers, which can be found on dbrs.com under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.