Topaz Energy enters upsized C$300 million amended credit facility

By Wendy Van Sickle

Columbus, Ohio, Feb. 19 – Topaz Energy Corp. entered into an amendment and restated credit agreement with a syndicate of Canadian banks providing for a C$300 million combined operating and syndicated credit facility due Feb. 19, 2024, according to a news release on Friday.

The credit facility replaces the company’s previous credit facility, which was undrawn, due June 10, 2022 and provided for total borrowing capacity of C$125 million.

The amended credit facility provides for a permitted increase to $400 million and is subject to covenants that are consistent with those of the prior facility.

The credit facility includes improved revisions to the variable grid used to determine the interest rate, which results in enhanced financial flexibility at attractive pricing to position the company to strategically execute accretive growth transactions, according to the release.

The royalty and energy infrastructure company is based in Calgary, Alta.

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