Petrus Announces Closing of Refinancing of Credit Facilities
May 30 2022 - 4:11PM
Petrus Resources Ltd. ("
Petrus" or the
"
Company") (TSX: PRQ) is pleased to announce that
it has closed the credit refinancing transactions previously
announced on May 5, 2022. The Company has entered into agreements
with new lenders to the Company which provide two new credit
facilities (the “
New Credit Facilities”) totaling
up to $55 million.
The New Credit Facilities consist of a $30
million reserve-based, secured operating revolving loan facility
with ATB Financial (the "ATB Facility") and a
second lien secured term facility in the amount of $25 million (the
"Second Lien Facility") with Stuart Gray, a
principal shareholder of the Company.
The New Credit Facilities, together with the net
proceeds of the Company’s recently closed $20 million rights
offering (the “Rights Offering” and together with
the New Credit Facilities, the “Transactions”)
have been used to repay in full all amounts owning under the
Company’s previously secured revolving credit facility
(“Previous RCF”). Following closing on May 2,
2022, the net proceeds from the Rights Offering were used to repay
a portion of the amounts drawn under the Company’s Previous RCF. On
closing of the New Credit Facilities, the Company drew
approximately $10 million from the ATB Facility and $12 million
from the Second Lien Facility to repay in full all remaining
amounts owing under the Company's Previous RCF. These Transactions
complete the Company’s debt restructuring.
ABOUT PETRUS
Petrus is a public Canadian oil and gas company
focused on property exploitation, strategic acquisitions and
risk-managed exploration in Alberta.
FOR FURTHER INFORMATION PLEASE
CONTACT:
Ken Gray President and Chief Executive Officer
T: 403-930-0889 E: kgray@petrusresources.com
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