Rock Energy will not replace facility with new revolvers as planned

By Angela McDaniels

Tacoma, Wash., Jan. 27 – Rock Energy Inc. said Alberta Treasury Branches has rescinded its agreement to implement new syndicated credit facilities. As a result, the company will maintain its existing credit facilities with its current lender.

The current credit facilities provide for a borrowing base of C$75 million with an agreement by the company to cap drawn balances to C$65 million. The current credit facility is being reviewed by the existing lender, according to a company news release.

As reported on Dec. 10, the company received from Alberta Treasury Branches and accepted a term sheet for up to C$75 million of senior secured revolving credit facilities.

The new facilities were going to consist of an up to C$65 million syndicated credit facility and an up to C$10 million operating credit facility. They were going to replace the current credit facilities.

Rock Energy is an energy producer based in Calgary, Alta.

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