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Surge Energy Inc. Announces Closing of $40 Million, 4 Year BDC Term Facility; Confirms Extension of Credit Facility Maturity to December 31, 2021; Receipt of $50.6 Million EDC Credit Facility Commitment
Surge Energy Inc. Announces Closing of $40 Million, 4 Year BDC Term Facility; Confirms Ex...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n \n \n \n Surge Energy Inc. Announces Closing of $40 Million, 4 Year BDC Term Facility; Confirms Extension of Credit Facility Maturity to December 31, 2021; Receipt of $50.6 Million EDC Credit Facility Commitment\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.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n CALGARY, AB, Nov. 17, 2020\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Nov. 17, 2020\n \n /CNW/ - Surge Energy Inc. (\"Surge\" or the \"Company\") (TSX: SGY) is pleased to announce that it has executed definitive agreements with the Business Development Bank of\n \n Canada\n \n (\"BDC\"), in partnership with the Company's syndicate of lenders (the \"Syndicate\"), for a non-revolving facility of\n \n $40 million\n \n , providing attractive interest rates over a four year term (the \"Term Facility\").\n \n \n \n \n \n \n \n \n \n Surge is also pleased to announce that it has closed an extension of the Company's existing\n \n $335 million\n \n first-lien credit facility (\"Credit Facility\"). Maturity of the Credit Facility has been extended from\n \n March 31, 2021\n \n to\n \n December 31, 2021\n \n and the Company's next semi-annual borrowing base redetermination has been extended to\n \n June 30, 2021\n \n .\n \n \n Additionally, Export Development Canada (\"EDC\") has joined Surge's lending Syndicate, providing a\n \n $50.6 million\n \n injection of capital into the Company's\n \n $335 million\n \n Credit Facility.\n \n \n \n FOUR YEAR TERM FACILITY FINALIZED\n \n \n \n Surge has closed the previously announced  $40 million Term Facility under the BDC's...