PITTSBURGH, Jan. 16, 2013 – PNC announced today $25 million in senior secured revolving credit for Superior Coring Systems Inc. Headquartered in Alberta, Superior Coring provides core sampling and drilling services primarily to oil and gas producers operating within the Western Canadian Sedimentary Basin. The facility was sought to acquire five hybrid drilling rigs from Essential Energy Services Inc., a large, publicly traded company based in Calgary, and to provide for ongoing working capital needs.
The facility is being provided by PNC Bank Canada Branch, the name under which PNC Bank, National Association, a member of The PNC Financial Services Group, Inc. (NYSE: PNC) does business in Canada.
The PNC Financial Services Group, Inc. (www.pnc.com) is one of the largest, diversified U.S. financial services organizations. In the United States, The PNC Financial Services Group, Inc. provides retail and business banking; residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.
In Canada, The PNC Financial Services Group, Inc. provides equipment finance and asset-based lending. The PNC Financial Services Group does not accept deposits from the public in Canada and is not a member institution of the Canada Deposit Insurance Corporation. Lending products and services require credit approval. Follow @PNCNews on Twitter for breaking news, updates and announcements from PNC.
CONTACT:
Emily Krull
(412) 762-5654
emily.krull@pnc.com
