CWC Well Services Corp. Announces Renewal and Amendment of Extendible Revolving Credit Facilities

CWC Well Services Corp. Announces Renewal and Amendment of Extendible Revolving 
Credit Facilities 
CALGARY, ALBERTA -- (Marketwired) -- 06/24/13 -- CWC Well Services
Corp. ("CWC" or the "Company") (TSX VENTURE:CWC) is pleased to
announce that it has renewed and amended its extendible revolving
credit facility effective June 21, 2013.  
CWC has renewed and amended its credit facility which has been
increased to $75 million from a syndicate of lenders, arranged by
Alberta Treasury Branches as lead arranger, including National Bank
of Canada and HSBC Bank Canada. The credit facility has an accordion
feature that allows the Company to increase the credit facility by an
additional $25-million at a future date, subject to certain terms and
conditions. The credit facility will consist of an extendible
committed Revolving Facility of $75 million with a term maturity date
of June 21, 2016 which will replace all of the existing credit
facilities of the Company. The purpose of the Revolving Facility is
to assist the Company in completing acquisitions, financing capital
expenditures for additional equipment, working capital investment and
other general corporate purposes. The Revolving Facility requires
interest to be paid monthly with no scheduled principal payments
during the committed term with the balance due on June 21, 2016.
Amounts borrowed under the Revolving Facility will bear interest at
the Company's option of the bank's prime rate plus 0.75% to 2.25% or
the banker's acceptance rate plus 1.75% to 3.25%, depending, in each
case, on the ratio of debt to EBITDA, which is a reduction of 50bps
from the previous credit facility. The Revolving Facility has
initially been used in part to repay the previous non-revolving
facility of $14.25 million which had higher interest rates of 7.42%,
thereby significantly reducing CWC's overall cash interest costs over
the term. As of June 21, 2013 the total drawn under the facility was
$39.1 million. 
Duncan Au, President and CEO of CWC commented that "we are pleased
that our lenders continue to support our business and future growth.
The renewal and commitment of the lenders in this syndicate is a
reflection of their confidence in the quality and diversity of our
assets as well as the operating strength of our company." 
About CWC Well Services Corp. 
CWC Well Services Corp. is a premier well servicing company operating
in the Western Canadian Sedimentary Basin with a complementary suite
of oilfield services including service rigs, coil tubing, snubbing
and well testing. The Company's corporate office is located in
Calgary, Alberta, with operational locations in Red Deer, Provost,
Lloydminster, Brooks, Slave Lake and Grande Prairie, Alberta and
Weyburn, Saskatchewan.                                                
No regulatory authority has approved or disapproved the information
contained in this news release. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Contacts:
CWC Well Services Corp.
Duncan T. Au, CA, CFA
President & Chief Executive Officer
(403) 264-2177 
CWC Well Services Corp.
Kevin Howell, CA
Chief Financial Officer
(403) 264-2177 
CWC Well Services Corp.
755, 255 - 5 Avenue SW
Calgary, Alberta T2P 3G6
info@cwcwellservices.com