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Bonterra Energy Corp. Announces Approval of EDC and BDC Programs by its Lending Syndicate and Extension of the Revolving Credit Facility to Finalize Banking Documentation
Bonterra Energy Corp. Announces Approval of EDC and BDC Programs by its Lending Syndicate...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n \n \n \n Bonterra Energy Corp. Announces Approval of EDC and BDC Programs by its Lending Syndicate and Extension of the Revolving Credit Facility to Finalize Banking Documentation\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Nov. 2, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 2, 2020\n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"Bonterra\" or the \"Company\") announces it has received approval from its syndicate of lenders for the Export Development Canada (\"EDC\") and Business Development Bank of\n \n Canada\n \n (\"BDC\") programs and to extend the revolving period applicable to the Company's existing credit facility to\n \n November 13, 2020\n \n from\n \n October 30, 2020\n \n . The purpose of this short-term extension affords Bonterra and associated parties the time required to finalize definitive documentation pertaining to the BDC second lien non-revolving four-year term facility for\n \n $45 million\n \n (the \"BDC Term Facility\") and the reserve-based lending commitment from EDC of up to\n \n $38.4 million\n \n (the \"EDC Commitment\").\n \n \n While banking documentation related to the BDC Term Facility and EDC Commitment are finalized, Bonterra's lending syndicate has consented to the Company commencing its expanded 2020 capital expenditure program during the November extension period in an amount up to\n \n $9 million\n \n as a draw on its existing credit facility. This consent, representing the BDC Term Facility capital expenditure budget for the period to\n \n November 13, 2020\n \n as provided to the lending syndicate, affords Bonterra near-term liquidity to help fund its winter 2020 drilling program and the ongoing development of its high-quality, Cardium light oil asset base. The 2020 winter drilling program supports long-term, sustainable net asset value per share growth as the economy recovers.\n \n \n \n Bonterra Recommends Shareholders Reject Obsidian's Hostile Bid\n \n \n \n Bonterra has already received notice tha...