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Mountainview Energy Ltd. announces commitment for new credit facility
Mountainview Energy Ltd. announces commitment for new credit facility.
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[{"type":"text","content":"\n\n\n\nMountainview Energy Ltd. announces commitment for new 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.prngen3{\nBORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prngen2{\nBORDER-BOTTOM:black 1pt solid; BORDER-LEFT:black 0pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n\n\n\n\n\n\nMountainview Energy Ltd. announces commitment for new credit facility\nPR Newswire\nCUT BANK, MT, Oct. 20, 2014\n\n\n\nCUT BANK, MT, Oct. 20, 2014 /PRNewswire/ - Mountainview Energy Ltd. (\"Mountainview\" or the \"Company\") is pleased to announce that its wholly-owned subsidiary, Mountain Divide, LLC (\"Borrower\") has entered into a commitment letter (the \"Commitment\") with Wells Fargo Energy Capital, Inc. (the \"Lender\") with respect to a new term facility (the \"New Facility\") and a US$16 million unsecured subordinated convertible promissory note (the \"Note\") to replace: (a) the current senior secured advancing credit facility between the Borrower and the Lender (the \"Old Facility\") in connection with the Company's 12-Gage Project in the Williston Basin in Divide County, North Dakota; and (b) the 39%  after pay-out  net profits interest (the \"NPI\") associated with the Old Facility.  \n\nThe following are some of the key terms and conditions of the New Facility, including the replacement of the NPI with the Note:\n\n\n\n\n\n\n\nType\n\n\nTerm loan facility\n\n \n\n\n\nPrinciple Amount\n\n\nUS$49.5 Million\n\n \n\n\n\nInterest and Repayment \n\nTerms\n\n\nFloating rate calculated as the \"Base Rate\" plus 4%.  The Base Rate is defined as the maximum of (a) 4%, (b) the Wells Fargo stated prime rate, (c) one-half of one percent (0.50%) per annum above the Federal Funds Rate, or (d) 1.5% above a LIBOR b...