Seven Generations Energy (7G) has expanded its existing senior secured credit facility by $200 million to $850 million. This addition to the company’s credit facility is provided by a syndicate of 10 financial institutions with RBC Capital Markets acting as lead arranger. The increase takes available funding, not including projected cash flow, to $1.34 billion as of September 30, 2015, on a pro forma basis.
“This 30% increase in our facility provides additional liquidity and financial flexibility and represents an important step towards our goal of reaching cash flow self-sufficiency. We appreciate the strong support from our lenders as we continue to grow with full cycle profitability,” said Chris Law, 7G’s chief financial officer.
The syndicate also includes Credit Suisse, Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, TD Bank, Alberta Treasury Branches, Caisse Centrale Dejardinis and Canadian Western Bank.
Seven Generations is a low-cost, high-growth Canadian natural gas developer.