Surge Energy gets new term facility and extension, adds EDC to lenders

By Cady Vishniac

Detroit, Nov. 17 – Surge Energy Inc. has closed on a new C$40 million non-revolving term facility maturing on Nov. 17, 2024 with Business Development Bank of Canada and its syndicate of lenders, according to a company press release.

Surge has also extended the maturity on the company’s C$335 million first-lien credit facility to Dec. 31, 2021 from March 31, 2021 and the next semiannual borrowing base redetermination to June 30, 2021.

Export Development Canada has also joined Surge’s lending syndicate, providing C$50.6 million to the first-lien credit facility.

BDC and the lending syndicate have agreed to fund an immediate initial draw of C$32.5 million from the new lending facility. Surge will use these funds for the development of its high-quality medium and light crude oil asset base.

Surge Energy is a Toronto-based junior/intermediate oil and gas company.

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