TORC Oil & Gas Ltd. Announces Extension of Bank Line Redetermination Date
May 28 2020 - 3:01PM
PR Newswire (Canada)
CALGARY, May 28, 2020 /CNW/ - TORC Oil & Gas Ltd.
("TORC" or the "Company") (TSX: TOG) has executed an agreement with
its syndicate of lenders to extend the Company's annual
redetermination date under its credit agreement to June 30, 2020. The purpose of the extension
is to permit additional time to assess market dynamics, including
the proposed Export Development Canada and Business Development
Bank programs initiated by the Federal Government and develop a
renewal that provides TORC with flexibility through the current
environment.
The extension includes an amendment to require unanimous consent
of the lenders for any advance that would result in the aggregate
principal amount outstanding under the credit facility to exceed
$425 million. As at
March 31, 2020 TORC was drawn
$309 million on the Company's
$500 million credit
facility.
TORC Oil & Gas Ltd. is a Calgary based company active in the
acquisition, exploration, development and production of crude oil
and natural gas in Western
Canada.
SOURCE TORC Oil & Gas Ltd.
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