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

July 16, 2020 World Newswire

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

SECOND LIEN TERM LOAN EXTENSION Petrus has entered into an amending contract with Macquarie Bank restricted to expand the $35 million Term Loan maturity date to July 31, 2021. The attention price from the Term Loan balance will soon be updated to be the Dealer that is canadian Offered (“CDOR”) plus 975 foundation points. Most of the interest will likely be produced by method of paymentinkind (“PIK”) and included with the outstanding stability of this Term Loan in place of payment per month of money interest. The definition of Loan extension comes with the elimination of the Total financial obligation to EBITDA ratio along with the Proved and PDP Asset Coverage Ratios from the monetary covenants. The performing Capital ratio covenant happens to be updated up to a minimum test of 0.6:1.0 (or such lower quantity as decided to because of the loan providers underneath the Term Loan which shall perhaps maybe not be not as much as 0.5:1.0).

CREDIT CENTER EXTENSION Concurrent using the Term Loan extension, the organization has also finished its RCF that is annual review. The RCF ended up being updated to $88.5 million. At the conclusion associated with the quarter that is second of, the business was drawn more or less $86.7 million from the RCF, inclusive of the $0.6 million page of credit outstanding. Read more…