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/R E P E A T -- Hemisphere Energy Announces Strategic Debt Refinancing to Accelerate Growth and Development of its Southern Alberta Oil Assets/
/R E P E A T -- Hemisphere Energy Announces Strategic Debt Refinancing to Accelerate Growt...
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\n\n\n\n/R E P E A T -- Hemisphere Energy Announces Strategic Debt Refinancing to Accelerate Growth and Development of its Southern Alberta Oil Assets/\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\nVANCOUVER, Sept. 15, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\nTSX-V: HME\n\n\n\nVANCOUVER, Sept. 15, 2017 /CNW/ - Hemisphere Energy Corporation (TSX-V: HME) (\"Hemisphere\" or the \"Company\") is pleased to announce that it has entered into a new and significantly increased credit facility (the \"New Credit Facility\") with Cibolo Energy Partners, LP and certain of its affiliates (collectively, \"Cibolo\"), a Houston-based firm focused on energy investment opportunities. The New Credit Facility is a strategic and transformational transaction for Hemisphere that will allow the Company to accelerate the development of its southern Alberta Atlee Buffalo waterflood oil assets.  Consequently, the Company has repaid and terminated its existing credit facility with its Canadian bank (the \"Former Credit Facility\").\n\nAll amounts are expressed in Canadian dollars, unless otherwise stated.\n\nNew Credit Facility\n\nHemisphere has entered into a first lien senior secured credit agreement with Cibolo providing for a multi-draw, non-revolving term loan facility of a maximum aggregate principal amount of up to US$35.0 million, with an initial commitment amount of US$15.0 million. This represents an approximate 50% increase in currently available credit to Hemisphere as compared to its Former Credit Facility.  Hemisphere has made an initial draw of US$10.0 million of the initial US$15.0 million commitment under the New Credit Facility. Additional commitments are subject to further approval by Cibolo.  The interest rate for the New Credit Facility is the three-month United States dollar London Interbank Offered Rate (\"LIBOR\") with a LIBOR floor of 1%, plus 7.50% payable quarterly, for a five-year term with a maturity date of September 15, 2022.\n\nUse of ...