Finance & Investing | Debt | Capital Markets
Athabasca Cuts Debt Load 30%; Repays $221MM Term Loan
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Athabasca Oil Corporation has repaid its US$221 million first lien term loan which is the first step towards aligning the Company's capital structure with its go forward operating plans.
Athabasca has reduced its outstanding corporate debt by approximately $250 million or 30% through the repayment of its US$221 million TLB and the concurrent unwind of its US dollar foreign exchange hedge. The Company and its lenders have also agreed to certain amendments to the Company's credit facilities including a reduction of its revolving credit facility to $45 million (currently undrawn), and the establishment of a $110 million cash collateralized letter of credit facility to secure long-term commitments related to its transportation agreements. The reduction in term debt and restructuring of the…
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