Canacol Energy Ltd. to Upsize Senior Secured Term Loan to US$220 Million
2014年3月17日 - 7:30PM
Marketwired
Canacol Energy Ltd. to Upsize Senior Secured Term Loan to US$220
Million
CALGARY, ALBERTA--(Marketwired - Mar 17, 2014) - Canacol Energy
Ltd. ("Canacol" or the "Corporation")
(TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to announce that it has
entered into discussions to upsize its existing senior secured term
loan with a syndicate of banks led by Credit Suisse as Lead
Arranger, Sole Bookrunner and Administrative Agent.
The existing US$140 million term loan, which was entered into on
April 3, 2013, is for a five-year term, with interest payable
quarterly and principal repayable in 15 equal quarterly instalments
starting in October 2014, following an initial 18 month grace
period. The term loan carries interest at LIBOR plus 4.50% and is
secured by all of the material assets of the Corporation. Canacol
is currently in advanced discussions to upsize this existing term
loan by an additional US$80 million on substantially the same
commercial terms and with no changes to the timing of principal
repayments. Proceeds from the upsizing will be used for future
capital expenditures in Colombia, costs of the transaction and for
general corporate purposes. Closing of the transaction is subject
to credit and legal approvals from all the syndicate member banks,
Canacol Board of Directors approval, and other customary closing
conditions. The transaction is expected to close and be funded by
late March or the beginning of April 2014.
Charle Gamba, President and CEO of Canacol, stated: "The
anticipated upsizing of the syndicated term loan represents another
milestone in the execution of Canacol's business plan by securing
non-dilutive cost-effective additional long-term funds for future
capital expenditure activities and providing additional balance
sheet liquidity. Should our exploration and appraisal drilling
programs in 2014 continue to yield success, Canacol will be well
capitalized to develop and bring them on stream quickly."
Canacol is an exploration and production company with operations
focused in Colombia and Ecuador. The Corporation's common stock
trades on the Toronto Stock Exchange, the OTCQX in the United
States of America, and the Colombia Stock Exchange under ticker
symbols CNE, CNNEF, and CNEC, respectively.
This press release contains certain forward-looking statements
within the meaning of applicable securities law. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur, including without limitation
statements relating to estimated production rates from the
Corporation's properties and intended work programs and associated
timelines. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Corporation
cannot assure that actual results will be consistent with these
forward-looking statements. They are made as of the date hereof and
are subject to change and the Corporation assumes no obligation to
revise or update them to reflect new circumstances, except as
required by law. Prospective investors should not place undue
reliance on forward looking statements. These factors include the
inherent risks involved in the exploration for and development of
crude oil and natural gas properties, the uncertainties involved in
interpreting drilling results and other geological and geophysical
data, fluctuating energy prices, the possibility of cost overruns
or unanticipated costs or delays and other uncertainties associated
with the oil and gas industry. Other risk factors could include
risks associated with negotiating with foreign governments as well
as country risk associated with conducting international
activities, and other factors, many of which are beyond the control
of the Corporation.
Canacol Energy Ltd.Investor Relations+1
888.352.0555IR@canacolenergy.comwww.canacolenergy.com
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