Stampede Drilling Inc. (SDI) announced it had secured a new $50 million credit agreement with HSBC Bank Canada and The Toronto-Dominion Bank. The agreement includes a $20 million non-revolving term loan, a $15 million revolving credit facility, and another $15 million revolving credit facility, collectively referred to as the Credit Facilities. The term loan's proceeds are designated to repay Stampede's existing debt with HSBC Bank Canada, dated April 19, 2022, while the revolving facilities' proceeds will support the company's general corporate purposes.

The Credit Agreement, with an initial three-year term, mandates repayment by September 20, 2026, with potential extensions. The interest rates will vary based on Stampede's adherence to certain financial covenants. The agreement also outlines various customary covenants governing debt management, acquisitions, disposals, distributions, and capital spending.