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Connacher Completes First Lien Term Loan Facility and Amends Credit Facility

 Connacher Completes First Lien Term Loan Facility and Amends Credit Facility  CALGARY, May 23, 2014 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX;  "Connacher" or the "Company") announced today that it has closed the  previously announced first lien term loan facility in an aggregate principal  amount of US$128.4 million (equivalent of C$140 million) (the "Term Loan  Facility"). Credit Suisse arranged a syndicate of institutional investors for  the Term Loan Facility. Loans under the Term Loan Facility were advanced at  99% of par and bears interest at LIBOR plus 6% (1% LIBOR floor), to be paid  quarterly.  The maturity date of the Term Loan Facility will be the earlier of four years  from closing, or 180 days prior to the earliest maturity of the Company's  existing Senior Secured Second Lien Senior Notes (being August 1, 2018).  The Company also received lender consent to amend and restate the existing  senior secured revolving credit facility (the "Credit Facility") to $30  million and extend the maturity date to December 31, 2016.  About Connacher Connacher is a Calgary-based in situ oil sands developer, producer and  marketer of bitumen. The Company holds a 100 per cent interest in  approximately 450 million barrels of proved and probable bitumen reserves and  operates two steam assisted gravity drainage facilities located on the  Company's Great Divide oil sands leases near Fort McMurray, Alberta.    SOURCE  Connacher Oil and Gas Limited  Chris Bloomer Chief Executive Officer  Greg  Pollard Chief Financial Officer   Connacher Oil and Gas Limited Phone:(403) 538-6201 Fax:(403) 538-6225  Suite 900, 332 - 6th Avenue SW Calgary, Alberta T2P 0B2  inquiries@connacheroil.com www.connacheroil.com  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/May2014/23/c9708.html  CO: Connacher Oil and Gas Limited ST: Alberta NI: OIL LOAN MNA  
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