Daily News: January 27, 2015

Barclays Arranges Tiene $300M Term Loan

Teine Energy entered into a senior secured second lien term loan providing for $300 million of funds with a final maturity date of May 17, 2019. Barclays served as the sole lead arranger and bookrunner on the $300 million senior secured second lien term loan, National Bank of Canada served as documentation agent and MCS Capital Markets acted as syndication agent. National Bank Financial acted as agent on a concurrent revolving credit facility.

The company concurrently refinanced its existing CAD$195 million extended revolver with a new CAD$159 million ($128 million) syndicated revolver. The new revolver will be available for general corporate purposes and capital expenditures. The company entered into an amended and restated credit agreement to reflect the foregoing transaction.

Pricing on the new term loan was set at L+625 with a 1.25% LIBOR floor, offered at 98.5. The proceeds will be used to refinance the company’s existing revolving credit line, to fund an expanded drilling program and for general corporate purposes.

Teine Energy is a private Canadian oil and gas exploration and development company.