Exploration & Production | Finance & Investing | Debt | Capital Markets
Canacol Leverages $200 MM
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Canacol Energy Ltd. has announced that it has entered into a credit agreement for a US$ 200 million senior secured term loan with a syndicate of banks led by BNP Paribas as Sole Lead Arranger and Sole Bookrunner, and including Davivienda, Citibank, Bladex, ICBC, BICSA and Banco de Occidente. Funding under the new credit agreement is anticipated to take place on or about April 28, 2015.
The new credit agreement will replace the Corporation's existing credit agreement and will offer the following benefits: 1) defers amortization payments until December 31, 2017, allowing the Corporation to dedicate capital to high netback production related projects instead of debt service; and 2) sets certain financial covenants in order to mitigate current and anticipated longer term weakness in crude oil…
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