Cordy Oilfield Services Inc. announced that it has satisfied certain conditions set out in the loan and security agreement with Nations Equipment Finance, LLC (the "Lender") and borrowed the remaining $2.25 million available under the agreement. The aggregate principal amount borrowed is $12.5 million.
A security interest in certain of Cordy's equipment was provided to the Lender with respect to the Loan. These additional proceeds of the Loan will be used for general working capital.