Finance & Investing | Capital Markets
Touchstone's Lenders Amend Credit Facility on Low Output
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Touchstone Exploration Inc. announces an update regarding its credit facility.
Effective July 19, 2016, the Company and its lender executed an Amendment and Limited Waiver to the Credit Agreement. The Amendment cured the Company's June 2016 monthly production covenant breach, as Touchstone did not achieve the average minimum production requirement of 1,400 barrels of oil per day. The Amendment also extended the previously disclosed US$1,000,000 prepayment due on July 15, 2016 to August 31, 2016 should the East Brighton letter of credit remain outstanding. In the event that this prepayment occurs or the East Brighton letter of credit is cancelled, the borrowing base will concurrently be reduced by an equal amount.
Currently there is no balance drawn on the credit facility, and the full US$6,000,000 borrowing base is dedicated to the Company's letter of credit relating to the East Brighton property. Upon the anticipated closing of the East Brighton disposition and the cancellation of the associated letter of credit, the Company and its lender will assess the credit facility which may include a new borrowing base redetermination.
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