Bonterra Energy Corp. announces extension of bank line redetermination date
June 1, 20205:00 AM CNW
CALGARY – Bonterra Energy Corp. (www.bonterraenergy.com) (TSX: BNE) (“Bonterra” or the “Company”) today confirms it has executed an agreement with its syndicate of lenders to extend the annual borrowing base redetermination date on its credit facility from May 29th to June 30th, 2020. This extension affords both the Company and its lending syndicate additional time to evaluate the impact of current market dynamics, including the proposed programs initiated by the Federal Government through Export Development Canada and Business Development Bank of Canada, and establish a credit facility renewal that underpins Bonterra’s ongoing financial flexibility. The extension agreement includes an amendment requiring unanimous lender consent for any advance that results in the aggregate principal amount outstanding under the credit facility to exceed $300 million. As at March 31, 2020, Bonterra was drawn $261 million on the Company’s $325 million credit facility.
Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia, focused on its strategy of long-term, sustainable growth and value creation for shareholders. The Company’s shares are listed on The Toronto Stock Exchange under the symbol “BNE”.
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