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Touchstone Enters into Escrow Arrangements for US$20 Million Term Loan
Touchstone Enters into Escrow Arrangements for US$20 Million Term Loan Canada News...
About this update from Touchstone Exploration Inc
[{"type":"text","content":"\n\n\n\nTouchstone Enters into Escrow Arrangements for US$20 Million Term Loan\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: BOTTOM; 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: TOP; BORDER-BOTTOM:black 0pt; TEXT-ALIGN: LEFT; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnbcc{\nBORDER-TOP:0pt solid; BORDER-RIGHT:0pt solid; BORDER-COLLAPSE: COLLAPSE; BORDER-BOTTOM:0pt solid; BORDER-LEFT:0pt solid\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 27, 2020\n\n\n\n\n \n CALGARY, May 27, 2020 /CNW/ - Touchstone Exploration Inc. (\"Touchstone\", \"we\", \"our\", \"us\"or the \"Company\") (TSX, LSE: TXP) announces that its indirect wholly-owned subsidiary, Touchstone Exploration (Trinidad) Ltd., has entered into escrow arrangements for a US$20 million, seven-year term loan agreement (the \"Term Loan\") with Republic Bank Limited, as initial lender, arranger and administrative agent. The Term Loan was arranged exclusively by the Corporate and Investment Banking Division of Republic Bank.\n\n \n\n\n \n \n \n \n \n \n\n \n\n \n The Term Loan is expected to become effective prior to June 15, 2020 once all conditions precedent have been met, which include the completion of security interest filings in Trinidad and Barbados and the receipt of regulatory approvals in Trinidad. A portion of the Term Loan proceeds will be used to repay the Company's C$20 million existing credit facility, with the remainder used for general corporate purposes.\n \n\n \n Material terms of the Term Loan are as follows:\n \n\n \n \n \n \n \n Borrower\n \n \n \n \n \n Touchstone Exploration (Trinidad) Ltd.\n \n\n \n \n \n \n \n \n Facility type\n \n \n \n \n \n Senior secured syndicated loan, with Republic Bank Limited acting as initial lender, arranger and administrative agent\n \n\n \n \n \n \n \n \n Facility amount         \n \n \n \n \n \n US...