CALGARY, ALBERTA--(Marketwired - Aug. 20, 2014) -
All financial figures are in Canadian dollars unless otherwise stated
Gibson Energy Inc. ("Gibson" or the "Company") (TSX:GEI) announced today the amendment of its $500 million secured revolving credit facility (the "Revolver") to, among other things, release all security required under the Revolver by its lenders. The Revolver's maturity date has also been extended from June 2018 to August 2019.
"We believe this amendment reflects the strength of Gibson's balance sheet and is a positive step toward our goal of achieving an investment grade credit rating," said Donald Fowlis, Gibson's Chief Financial Officer. "At present, our Revolver continues to be undrawn, other than letters of credit issued, and we believe we have adequate liquidity to fund our recently increased 2014 and 2015 capital spending plans. Additionally, the removal of security enhances our ability to access additional financial markets in the future."
Gibson is a large, independent integrated service provider to the oil and gas industry with operations across major producing regions throughout North America. Gibson is engaged in the movement, storage, blending, processing, marketing and distribution of crude oil, condensate, natural gas liquids ("NGLs"), water, oilfield waste, and refined products. The Company transports energy products by utilizing its integrated network of terminals, pipelines, storage tanks, and trucks located throughout western Canada and through its significant truck transportation and injection station network in the United States. The Company also provides emulsion treating, water disposal and oilfield waste management services in Canada and the United States and is the second largest retail propane distribution company in Canada.
Certain statements contained in this news release constitute forward-looking information and statements. These statements relate to future events or Gibson's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ''anticipate,'' ''plan,'' ''contemplate,'' ''continue,'' ''estimate,'' ''expect,'' ''intend,'' ''propose,'' ''might,'' ''may,'' ''will,'' ''shall,'' ''project,'' ''should,'' ''could,'' ''would,'' ''believe,'' ''predict,'' ''forecast,'' ''pursue,'' ''potential'' and ''capable'' and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release. Gibson does not undertake any obligations to publicly update or revise any forward looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in "Forward-Looking Statements" and "Risk Factors" included in Gibson's Annual Information Form dated March 4, 2014 as filed on SEDAR and available on Gibson's website at www.gibsons.com.