By Devika Patel
Knoxville, Tenn., April 17 – Saguaro Resources Ltd. said it settled a $50 million issue of 8.5% second lien secured notes due 2022 on April 13 and recently expanded its syndicated revolving credit facility to $105 million from $65 million.
RBC Capital Markets was the lead agent and CIBC Capital Markets and National Bank Financial were co-agents.
The notes were placed with funds managed by Signature Global Asset Management, a division of CI Investments Inc., and EdgePoint Wealth Management.
Proceeds will be used to execute the company’s accelerated development program.
Additionally, on March 1, the company expanded its committed, syndicated revolving credit facility to $105 million from $65 million.
Immediately following the notes sale, Saguaro had net debt of $56 million, including only $16 million drawn on its revolver.
Saguaro is a private oil and gas company based in Calgary, Alta.
| Issuer: | Saguaro Resources Ltd.
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| Amount: | $50 million
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| Description: | Second lien secured notes
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| Maturity: | 2022
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| Coupon: | 8.5%
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| Placement agents: | RBC Capital Markets (lead), CIBC Capital Markets and National Bank Financial (co-agents)
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| Investors: | Signature Global Asset Management and EdgePoint Wealth Management
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| Settlement date: | April 13
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| Distribution: | Private placement
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