Connacher Oil and Gas announced that it closed the previously announced first lien term loan facility in an aggregate principal amount of $128.4 million.

Credit Suisse arranged a syndicate of institutional investors for the term loan facility. Loans under the term loan facility were advanced at 99% of par and bears interest at LIBOR plus 6% (1% LIBOR floor), to be paid quarterly.

The maturity date will be the earlier of four years from closing, or 180 days prior to the earliest maturity of the company’s existing senior secured second lien senior notes (being August 1, 2018).

The company also received lender consent to amend and restate the existing senior secured revolving credit facility to $30 million and extend the maturity date to December 31, 2016.

Connacher is a Calgary-based in situ oil sands developer, producer and marketer of bitumen.