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Canada : Petrus Resources Announces Term Loan Extension and Credit Facility Update.

Petrus Resources Ltd. ("Petrus" or the "Company") is pleased to announce a one year extension of its second lien term loan maturity date and the completion of the 2018 annual review of its revolving credit facility ("RCF").

SECOND LIEN TERM LOAN

Petrus has entered into an agreement with Macquarie Bank Limited (the "Term Loan Lender") to extend the maturity date of the Company's $35 million second lien 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 (CDOR) plus 700 basis points (which is currently a total interest rate of 8.7%).

REVOLVING CREDIT FACILITY

The 2018 annual review of the RCF has been completed. The RCF syndicate of lenders have 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 has been extended to May 31,2019, Consent from the RCF syndicate of lenders and the Term Loan Lender is required for total borrowings under the RCF to exceed $105 million.

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Publication:Mena Report
Date:May 28, 2018
Words:203
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