Finance & Investing | Debt | Capital Markets
Marquee Energy Reduces Debt Fees, Borrowing Limit
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Marquee Energy Ltd. has announced that concurrent with the Acquisition previously announced on August 13, 2015, the Company's banking syndicate confirmed that Marquee' borrowing base remains unchanged at $95 million.
However, as part of ongoing cost reduction initiatives, Marquee will reduce its borrowing base to $70 million effective August 31, 2015, which will decrease future standby and commitment fees. Marquee continues to focus on cost reductions and prudent management of its balance sheet and expects to exit 2015 with net debt of approximately $47-49 million.
Additionally, in accordance with the Company's previously approved stock option plan, Marquee has granted an aggregate of 3,085,000 options to purchase common shares in the capital of the Company to certain directors…
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