Capital Markets | Credit Facility Change
Cardinal Extends Revolving Period for Credit Line; Restrictions Imposed
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Cardinal Energy Ltd. has received approval to extend the revolving period under the Company’s $325 million reserves-based credit facility.
Cardinal signed an extension until June 30, 2020 in order for the syndicate to have more time to assess current market conditions and the effect of potential government assistance programs on the Credit Facility.
Among others, the conditions include a cap on the drawings available to the company and that no drawings can be used to redeem or repay the Debentures.
The Company anticipates that the draw cap and some of the other conditions will only be in place on an interim basis until a longer term extension and terms are finalized.
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Credit Facility Change
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