Macquarie Bank amended the $35 million second lien term loan of Petrus Resources, a public Canadian oil and gas company focused on property exploitation, strategic acquisition and risk-managed exploration in Alberta.
The amendment extended the maturity date of the term loan from October 8, 2019 to October 8, 2020. The interest rate on the $35 million balance will remain unchanged at the Canadian Dealer Offered Rate plus 700 basis points (which is currently a total interest rate of 8.7%).
Petrus concurrently completed the 2018 annual review of its revolving credit facility. The RCF syndicate of lenders agreed to maintain the company’s borrowing base of $120 million until June 30, 2018, after which time the borrowing base will decrease to $110 million. The term out facility revolving period was extended to May 31, 2019.
Consent from both the RCF syndicate of lenders and Macquarie is required for total borrowings under the RCF to exceed $105 million.