Advantage Oil & Gas lowers credit facility to C$525 million

By Sara Rosenberg

New York, Aug. 13 - Advantage Oil & Gas Ltd. revised its credit facility to C$525 million from C$710 million, according to a news release.

The facility consists of a C$20 million revolving operating loan facility and a C$505 million extendible revolving facility.

The company's current debt is approximately C$300 million, resulting in an unused capacity of approximately C$225 million under the facility.

Security is a C$1 billion floating charge demand debenture, a general security agreement and a subordination agreement from the company covering all assets and cash flows.

There is a minimum cash flow to interest expense ratio requirement of 3.5 to 1.0, determined on a rolling four-quarter basis.

Advantage Oil is a Calgary-based oil and natural gas company.

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