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Petrus Resources announces 2nd term that is lien expansion, expansion to credit center and third quarter 2020 money spending plan

Petrus Resources announces 2nd term that is lien expansion, expansion to credit center and third quarter 2020 money spending plan

July 16, 2020 Globe Newswire

CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is very happy to announce the concurrent expansion of their 2nd lien term loan (“Term Loan”) and Revolving Credit center (“RCF”) and also the completion of this RCF loan providers’ 2020 annual review. The Company’s board of directors has additionally 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 expand the $35 million Term Loan maturity date to July 31, 2021. The attention price regarding the Term Loan balance will soon be updated in order to become the Dealer that is canadian Offered (“CDOR”) plus 975 foundation points. Every one of the interest are going to be produced by means of paymentinkind (“PIK”) and put into the outstanding stability associated with the Term Loan in place of payment of money interest. The definition of Loan extension also incorporates the elimination of the debt that is total EBITDA ratio plus 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 the least (or such lower quantity as decided to by the loan providers underneath the Term Loan which shall perhaps perhaps not be lower than 0.5:1.0).

CREDIT FACILITY EXTENSION Concurrent aided by the Term Loan extension, the organization has also finished its RCF that is annual review.