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
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.
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
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CO: Connacher Oil and Gas Limited
NI: OIL LOAN MNA
-0- May/23/2014 15:48 GMT
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