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Bonterra Energy Corp. Announces Updates to Credit Facility and Provides Operational Update
Bonterra Energy Corp. Announces Updates to Credit Facility and Provides Operational Updat...
About this update from Bonterra Energy Corp.
[{"type":"text","content":"\n \n \n \n Bonterra Energy Corp. Announces Updates to Credit Facility and Provides Operational Update\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnbcc{\nBORDER-TOP-COLOR:; BORDER-COLLAPSE: COLLAPSE; BORDER-LEFT-COLOR:; BORDER-BOTTOM-COLOR:; BORDER-RIGHT-COLOR:\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n June 25, 2021\n \n /CNW/ - Bonterra Energy Corp. (\n \n www.bonterraenergy.com\n \n ) (TSX: BNE) (\"Bonterra\" or the \"Company\") today announces that it has finalized the credit facility (the \"Facility\") redetermination with its syndicate of lenders, and provides an operational update.\n \n \n \n Credit Facility Update\n \n \n \n Bonterra and its syndicate of lenders have agreed to amend the Facility as follows:\n \n \n \n Reflecting the Company's ongoing strategy of focusing on the repayment of outstanding bank debt, Bonterra has agreed with its lenders to a borrowing base under the Facility of\n \n $265 million\n \n , consisting of a\n \n $200 million\n \n revolving credit facility and a\n \n $65 million\n \n non-revolving term loan;\n \n \n This represents a significant reduction in the non-revolving term loan, from\n \n $150 million\n \n to\n \n $65 million\n \n , leading to improved financial flexibility;\n \n \n The Facility revolves to\n \n December 31, 2021\n \n , with a maturity date of\n \n May 31, 2022\n \n ; and\n \n \n With a semi-annual review in\n \n November 2021\n \n together with the anticipated generation of significant free cash flow due to increased commodity pricing and higher production levels through increased drilling activity, and as agreed to with its lenders, Bonterra anticipates a further reduction to the non-revolving term loan portion of the Facility of up to\n \n $30 million\n \n ; the Company aims to move all bank debt to a fully conforming revolving credit facility.\n \n \n ...