Southern Energy Corp. SUCCESSFUL AMENDMENT TO CREDIT FACILITY (2682O)
02 Octubre 2023 - 1:00AM
UK Regulatory
TIDMSOUC
RNS Number : 2682O
Southern Energy Corp.
02 October 2023
SOUTHERN ENERGY CORP. ANNOUNCES
SUCCESSFUL AMENDMENT TO CREDIT FACILITY
Calgary, Alberta - October 2, 2023 - Southern Energy Corp.
("Southern" or the "Company") (TSXV:SOU) (AIM:SOUC) (OTCQX:SOUTF)
is pleased to announce the execution of the fifth amendment ("Fifth
Amendment") to the existing senior secured term loan (the "Credit
Facility").
The Fifth Amendment includes the extension of the Tranche B
availability to August 31, 2025, and a US$2.0 million increase to
the Tranche B commitment for a total Tranche B commitment of
US$31.5 million. Southern will have approximately US$11.5 million
of capacity remaining on the Credit Facility upon execution of the
Fifth Amendment with a current outstanding balance of approximately
US$17.6 million. The amendment also extends the principal
amortization period by an additional twelve months while
maintaining the existing 12% per annum coupon, resets the debt
service coverage ratio covenant calculation to an annualized basis
beginning in Q4 2023 and allows for repayment and reborrowing under
the Tranche B facility.
In connection with the Fifth Amendment, the Company has agreed
to extend the term of 3,906,250 outstanding common share purchase
warrants ("Bonus Warrants") previously issued to the lender from
April 30, 2024 until August 31, 2025. The extension of the term of
the Bonus Warrants remains subject to the final approval of the TSX
Venture Exchange.
Calvin Yau, Chief Financial Officer of Southern, commented :
" The amendments to the credit facility from our existing credit
provider provides additional flexibility and credit capacity to
support our strategy to grow both inorganically and organically
with long-term development operations in the Gwinville Field to
maximize leveraged returns for shareholders. "
For further information, please contact :
Southern Energy Corp.
Ian Atkinson (President and CEO) +1 587 287 5401
Calvin Yau (CFO) +1 587 287 5402
Strand Hanson Limited - Nominated & Financial
Adviser
James Spinney / James Bellman +44 (0) 20 7409 3494
Canaccord Genuity - Joint Broker
Henry Fitzgerald-O'Connor / James Asensio +44 (0) 20 7523 8000
Stifel Nicolaus Europe Limited - Joint Broker
Callum Stewart / Ashton Clanfield +44 (0) 20 7710 7600
Tennyson Securities - Joint Broker
Peter Krens / Pav Sanghera +44 (0) 20 7186 9033
Camarco
Owen Roberts / Billy Clegg / Hugo Liddy +44 (0) 20 3757 4980
About Southern Energy Corp.
Southern Energy Corp. is a natural gas exploration and
production company. Southern has a primary focus on acquiring and
developing conventional natural gas and light oil resources in the
southeast Gulf States of Mississippi, Louisiana, and East Texas.
Our management team has a long and successful history working
together and have created significant shareholder value through
accretive acquisitions, optimization of existing oil and natural
gas fields and the utilization of re-development strategies
utilizing horizontal drilling and multi-staged fracture completion
techniques.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
United Kingdom domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended by virtue of the Market Abuse
(Amendment) (EU Exit) Regulations 2019.
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END
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