Saturn Oil pays down term loan, outlines debt reduction for 2024

By Marisa Wong

Los Angeles, Feb. 6 – Saturn Oil & Gas Inc. repaid about C$152 million in principal payments to its senior term loan during 2023, according to a press release.

The senior term loan had an original principal amount of C$608 million as of Feb. 28, 2023.

The company said it intends to use its 2024 free funds flow to further reduce the term loan balance for targeted Dec. 31, 2024 net debt of between C$275 million and C$290 million. Estimated net debt at Dec. 31, 2023 was about C$463 million.

The company has executed an amendment to its term loan agreement, including all applicable covenant waivers, to ensure it is able to fully fund its 2024 capital program. The term loan schedule to be repaid in full in Q1 2026 remains unchanged. Principal repayments will be fully funded with organic free funds flow, the company said.

Saturn Oil & Gas is an energy company based in Calgary, Alta.

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