Spartan Delta plans C$150 million term loan, revolver increase

By Wendy Van Sickle

Columbus, Ohio, July 28 – Spartan Delta Corp. is planning to get a C$150 million five-year term loan and to increase its revolver to C$450 million from C$100 million in connection with its planned acquisition of Velvet Energy Ltd., according to a news release.

The term loan will carry an interest rate of 7.7%.

Spartan is a Calgary, Alta.-based oil and gas exploration and development company. Velvet is a privately held light-oil Montney producer with operations primarily in the Gold Creek, Karr and Pouce Coupe areas of northwest Alberta.

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