Daily News: August 8, 2013

Wells Fargo Energy Agents Facility for Triangle Petroleum

Triangle Petroleum said it has entered into definitive agreements to acquire core Williston Basin properties and received a commitment from Wells Fargo Energy Capital (WFEC) for a senior secured second lien term loan facility.

Triangle added that it updated Q2/13 estimates and revised fiscal 2014 budget and standalone operational guidance for Triangle USA Petroleum Corporation (TUSA); entered into a definitive agreement for an equity private placement with TIAA Oil and Gas Investments, an affiliate of Teachers Insurance and Annuity Association of America; and amended its existing senior credit facility.

TUSA received a non-binding commitment letter and term sheet from WFEC for a senior secured second-lien term loan facility of $60 million, with WFEC as administrative agent with an expected closing date on or before September 30, 2013. The maximum credit available under the second-lien credit facility is expected to be $150 million, according to an SEC filing.

To read the full Triangle Petroleum news release click here.