Petrus Resources closes $55 million refinancing credit facilities

By Marisa Wong

Los Angeles, May 31 – Petrus Resources Ltd. has closed the credit refinancing transactions previously announced on May 5, according to a Monday press release.

The company entered into agreements with new lenders for two new credit facilities totaling up to $55 million.

The facilities consist of a $30 million reserve-based secured operating revolving loan facility with ATB Financial and a $25 million second-lien secured term facility with Stuart Gray, a principal shareholder of the company.

The new credit facilities, together with proceeds of the company’s recently closed $20 million rights offering, have been used to repay in full all amounts due under the company’s previous secured revolver.

Specifically, the company first used proceeds from the rights offering, which closed on May 2, to repay a portion of the previous revolver. On closing of the new credit facilities, the company drew about $10 million from the ATB revolver and $12 million from the second-lien facility to repay in full all remaining amounts under the old revolver.

These transactions complete the company’s debt restructuring, the release noted.

Petrus is an oil and gas company based in Calgary, Alta.

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