Western reported 1Q16 EBITDAS of $3 mm, which was in line with our estimate.The Company’s credit facility and covenant package has been amended. This is a positive development as Western now has access to $50 mm of borrowing capacity, while also saving an estimated $1.5 mm of costs annually. The Company’s view on 2H16e has improved, and while we are not yet modelling this, it could result in positive revisions to our estimates.
02 May 2016
1Q16 Results and Revised Credit Facility
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1Q16 Results and Revised Credit Facility
Western Energy Services Corp. (WRG:TSE) | 0 0 (-5.1%) | Mkt Cap: 103.2m
- Published:
02 May 2016 -
Author:
Ian B. Gillies -
Pages:
7
Western reported 1Q16 EBITDAS of $3 mm, which was in line with our estimate.The Company’s credit facility and covenant package has been amended. This is a positive development as Western now has access to $50 mm of borrowing capacity, while also saving an estimated $1.5 mm of costs annually. The Company’s view on 2H16e has improved, and while we are not yet modelling this, it could result in positive revisions to our estimates.