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Obsidian Energy Announces Completion of Agreements with our Banking Syndicate, Noteholders and Landlord
Obsidian Energy Announces Completion of Agreements with our Banking Syndicate, Noteholders...
About this update from Obsidian Energy Ltd
[{"type":"text","content":"\n\n\n\nObsidian Energy Announces Completion of Agreements with our Banking Syndicate, Noteholders and Landlord\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 29, 2020\n\n\n\nCALGARY, March 29, 2020 /CNW/ -OBSIDIAN ENERGY LTD. (TSX – OBE, NYSE – OBE.BC) (\"Obsidian Energy\", the \"Company\", \"we\", \"us\" or \"our\") is pleased to announce completion of agreements with our lenders and building landlord. All figures are in Canadian dollars unless otherwise stated. \nFurther to our recent announcements, the Company has executed final agreements resulting in the renewal of our syndicated credit facility, amendments to our senior notes and renewed terms on our Calgary office lease. All terms are consistent as previously announced except for further financial covenant relief, which will provide the Company additional flexibility in the current oil price environment. A summary of the terms is provided below:\nSyndicated Credit Facility: the borrowing base and amount available under the credit facility are set at $550 million and $450 million, respectively; the revolving period under the agreement has been extended to May 31, 2021 with the end date of the term period extended to November 30, 2021; a revolving period reconfirmation date will occur on June 22, 2020, whereby the lenders may accelerate the end date of the revolving period to June 30, 2020 with the end date of the term period also concurrently accelerated to April 1, 2021; the next scheduled borrowing base redetermination will occur on November 30, 2020; and elimination of the debt to Adjusted EBITDA covenants.Senior Notes: all the outstanding senior notes will mature on November 30, 2021; if the end date of the revolving period on the syndicated credit facility is accelerated to April 1, 2021, as described above, then the senior notes maturities will also be accelerated to that date; and elimination of the debt to Adjusted EBITDA covenants. Calgary Office Lease: lease payments will total $0.833 million per month, net of sub-leases, from February 2020 to January 2025...