Petrus Resources announces second term that is lien expansion, extension to credit center and 3rd quarter 2020 money spending plan

Petrus Resources announces second term that is lien expansion, extension to credit center and 3rd quarter 2020 money spending plan

July 16, 2020 World Newswire

CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is happy to announce the concurrent expansion of their 2nd lien term loan (“Term Loan”) and Revolving Credit center (“RCF”) in addition to completion associated with the RCF loan providers’ 2020 annual review. The Company’s board of directors has additionally authorized its quarter that is third 2020 spending plan.

2ND LIEN TERM LOAN EXTENSION Petrus has entered into an amending contract with Macquarie Bank Limited to expand the $35 million Term Loan maturity date to July 31, 2021. The interest rate regarding the Term Loan balance is supposed to be updated to be the Dealer that is canadian Offered (“CDOR”) plus 975 foundation points. All the interest will undoubtedly be produced by method of paymentinkind (“PIK”) and put into the balance that is outstanding of Term Loan in place of payment of money interest. The definition of Loan extension also contains the elimination of the Total financial obligation to EBITDA ratio along with the Proved and PDP resource Coverage Ratios from the monetary covenants. The performing Capital ratio covenant happens to be updated up to a test that is minimum of (or such lower amount as consented to because of the lenders beneath the Term Loan which shall perhaps maybe not be lower than 0.5:1.0).

CREDIT CENTER EXTENSION Concurrent with all the Term Loan extension, the organization has also finished its yearly RCF review. 继续阅读“Petrus Resources announces second term that is lien expansion, extension to credit center and 3rd quarter 2020 money spending plan”