Pulse Seismic Inc. announced that it has extended its revolving credit facility for an additional year. The new maturity date of the facility is February 13, 2019. At its own discretion, the company elected to reduce the facility's available borrowing amount to $30.0 million from $50.0 million.

Up to $5.0 million of the revolving facility continues to be available as an operating line of credit. The credit facility is with a syndicate led by TD Bank and includes ATB Financial and continues to include an accordion feature which allows Pulse to increase the facility's size up to $70.0 million, subject to the consent of the lenders. The accordion incurs no renewal or standby fees.

The voluntary reduction in borrowing capacity reflects Pulse's strong balance sheet as the facility is entirely undrawn. The "right-sizing" of the facility is in line with ongoing cost-reduction initiatives as it will save standby and commitment fees. The company believes the revised amounts provide sufficient credit capacity to execute its business strategy.