Petrus Resources closed credit refinancing transactions it announced in early May, entering into agreements with new lenders for two new credit facilities totaling up to $55 million.
The new credit facilities consist of a $30 million reserve-based secured operating revolving loan facility with ATB Financial and a second lien secured term facility in the amount of $25 million with Stuart Gray, a principal shareholder of the company.
The new credit facilities, together with the net proceeds of the company’s recently closed $20 million rights offering have been used to repay in full all amounts owning under the company’s previously secured revolving credit facility (previous RCF). Following closing on May 2, the net proceeds from the rights offering were used to repay a portion of the amounts drawn under the company’s previous RCF. On closing of the new credit facilities, the company drew approximately $10 million from the ATB facility and $12 million from the Second lien facility to repay in full all remaining amounts owing under the company’s previous RCF. These transactions complete the company’s debt restructuring.
