|
| Home : Southern Pacific Announces New First Lien Term Loan Facility Enhancing Balance Sheet Liquidity |
|
Mar 27
2014 |
Southern Pacific Announces New First Lien Term Loan Facility Enhancing Balance Sheet Liquidity |
|
CALGARY, ALBERTA--(Marketwired - March 26, 2014) - Southern Pacific Resource Corp. ("Southern Pacific" or the "Company") (TSX:STP) announced today that further to the ongoing review of strategic and financial alternatives, it has entered into a fully underwritten loan agreement with Credit Suisse AG and its affiliate for a new first lien term loan facility with an aggregate principal amount equal to the U.S. dollar equivalent amount of CAD$150,000,000. The new first lien loan will have a five year term with a maturity date on or about March 28, 2019 and will bear interest at LIBOR plus 10%. The new facility will replace its existing CAD$100,000,000 first lien credit facility which currently has a CAD$85,000,000 availability limit and matures on May 31, 2014. The new first lien term loan facility will be provided by a syndicate of institutional investors with Credit Suisse AG, and is expected to close and be funded on or about March 28, 2014, subject to customary closing conditions. Additionally, at the Company's election, any optional prepayments upon the occurrence of a Change of Control shall be made at 102% of the principal amount. |
|
|
|
| Source:http://www.marketwired.com/mw/release.do?id=1892856&sourceType=3 |
| |
|
Related News
|
» KWG Flow-Through
» Global Hemp Group Announces Financing
|
|
|
