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Bonterra Energy Corp. Announces Extension of Revolving Credit Facility
Bonterra Energy Corp. Announces Extension of Revolving Credit Facility Canada News...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n\n\n\nBonterra Energy Corp. Announces Extension of Revolving Credit Facility\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\nCanada NewsWire\nCALGARY, AB, Aug. 31, 2020\n\n\n\nCALGARY, AB, Aug. 31, 2020 /CNW/ - Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) (\"Bonterra\" or the \"Company\") announces it has received approval from its syndicate of lenders to extend the revolving period applicable to the Company's existing credit facility to September 30, 2020 from August 31, 2020. The credit facility will continue to be available on a revolving basis until that date.  \nThe extension affords Bonterra and its syndicate of lenders additional time to finalize definitive agreements related to the Business Development Bank of Canada (\"BDC\") non-binding Term Sheet under their Business Credit Availability Program (\"BCAP\"), which would potentially provide the Company with an up to $45 million non-revolving, second lien, four year term facility (the \"BDC Term Facility\").  The BDC Term Facility offers Bonterra significant additional long-term liquidity at reasonable interest rates to withstand the impacts of the COVID-19 pandemic and allow the Company to continue pursuing development of its high-quality, Cardium light oil asset base in order to generate long-term, sustainable net asset value per share growth as the economy recovers.  \nPress Release by Obsidian on August 31, 2020\nBonterra also acknowledges the press release issued earlier this morning on August 31, 2020 by Obsidian Energy Ltd. (the \"Obsidian Press Release\"), whereby Obsidian expressed their interest in a potential transaction with Bonterra.  At all times, Bonterra takes into consideration potential alternatives that could be of value and benefit to its stakeholders.  Any unsolicited third-party expression of interest in a potential transaction is reviewed by Bonterra and its Board of Directors (and also, as appropriate, with its legal and financial advisors).  With respect to the Obsidian Press Release, Bonterra confirms tha...