Razor Energy secured an increase of $15 million to its existing non-revolving term loan facility from Alberta Investment Management (AIMCo), on behalf of certain of AIMCo’s clients, for an amended principal amount of $45 million.
The terms of the amended facility are materially unchanged from the term loan facility established in January 2017. Principal continues to be due in January 2021 with an interest rate of 10%, payable semi-annually. As consideration for the amended facility, 255,600 common shares of Razor have been issued to AIMCo.
The proceeds of the increased term loan will be used to fund Razor’s development program and for general corporate purposes.
Razor is a publicly-traded junior oil and gas development and production company headquartered in Calgary, Alberta concentrated on acquiring and enhancing oil and gas properties.
