|
| Home : Tuscany International Drilling Inc. Announces Amendment and Restatement of Credit Agreement |
|
Sep 15
2012 |
Tuscany International Drilling Inc. Announces Amendment and Restatement of Credit Agreement |
|
CALGARY, ALBERTA--(Marketwire - Sept. 14, 2012) - Tuscany International Drilling Inc. (TSX:TID) (COLOMBIA:TIDC) ("Tuscany" or the "Company") is pleased to announce that the Company's existing credit agreement with Credit Suisse and certain other lenders has been further amended and restated. The US$210 million term loan that is currently outstanding has been extended and now matures on September 14, 2017 with the quarterly principal repayments now commencing on December 15, 2013, other than two US$2 million principal repayments required to be made on each of June 15, 2013 and September 15, 2013. This change will increase the Company's working capital allowing acceleration of optimization opportunities including the purchase of related equipment currently being rented by the Company and ongoing refurbishments which will have a positive effect on margins. The term loan facility was not increased. |
|
|
|
| Source:http://www.marketwire.com/mw/release.do?id=1701740&sourceType=3 |
| |
|
Related News
|
» Marksmen Announces Increase to Private Placement and Officer Appointment
» What Is Obama's Mideast Foreign Policy?
|
|
|
