Petrus Resources announces 2nd lien term loan expansion, expansion to credit center and 3rd quarter 2020 money spending plan

Petrus Resources announces 2nd lien term loan expansion, expansion to credit center and 3rd quarter 2020 money spending plan

16, 2020 Globe Newswire july

CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or even the “Company”) (TSX: PRQ) is very happy to announce the concurrent expansion of their 2nd lien term loan https://speedyloan.net/personal-loans-wa (“Term Loan”) and Revolving Credit center (“RCF”) as well as the completion associated with the RCF loan providers’ 2020 annual review. The Company’s board of directors in addition has authorized its 3rd quarter 2020 money spending plan.

2ND LIEN TERM LOAN EXTENSION Petrus has entered into an amending contract with Macquarie Bank restricted to extend the $35 million Term Loan maturity date to 31, 2021 july. The attention price in the Term Loan balance is going to be updated to be the Dealer that is canadian Offered (“CDOR”) plus 975 foundation points. Most of the interest are going to be created by method of paymentinkind (“PIK”) and included with the balance that is outstanding of Term Loan in place of payment per month of money interest. The Term Loan extension also contains the elimination of the Total Debt to EBITDA ratio along with the Proved and PDP resource Coverage Ratios from the economic covenants. The performing Capital ratio covenant happens to be updated to a minimal test of 0.6:1.0 (or such lower quantity as decided to because of the loan providers beneath the Term Loan which shall maybe not be lower than 0.5:1.0).

CREDIT CENTER EXTENSION Concurrent utilizing the Term Loan extension, the organization has also finished its RCF that is annual review. Continue reading “Petrus Resources announces 2nd lien term loan expansion, expansion to credit center and 3rd quarter 2020 money spending plan”