Canacol Energy Ltd. Closes on Long-Term Syndicated Senior Secured Term Loan for US$220 Million
24 Abril 2014 - 5:00PM
Marketwired
Canacol Energy Ltd. Closes on Long-Term Syndicated Senior Secured
Term Loan for US$220 Million
CALGARY, ALBERTA--(Marketwired - Apr 24, 2014) - Canacol Energy
Ltd. ("Canacol" or the "Corporation")
(TSX:CNE)(OTCQX:CNNEF)(BVC:CNEC) is pleased to announce that it has
closed its previously announced upsizing of its existing senior
secured term loan with a syndicate of banks led by Credit Suisse as
Lead Arranger, Sole Bookrunner and Administrative Agent, and
including Banco Davivienda, Bladex, Corpbanca, Export Development
Canada (EDC), and Citi as Mandated Lead Arrangers, and Banco de
Occidente and the Industrial and Commercial Bank of China (ICBC) as
Arrangers.
The revised term loan resulted in the upsizing of the previous
term loan by US$80 million, from US$140 million to US$220 million,
with no changes to the term of the loan or the repayment schedule.
Interest is payable quarterly and principal repayable in 15 equal
quarterly instalments starting in October 2014. The revised term
loan carries interest at LIBOR plus 4.50-5.00% and is secured by
all of the material assets of the Corporation. Proceeds from the
upsizing will be used for capital expenditures in Colombia, costs
of the transaction, and for general corporate purposes.
Canacol is an exploration and production company with operations
focused in Colombia and Ecuador. The Corporation's common stock
trades on the Toronto Stock Exchange, the OTCQX in the United
States of America, and the Colombia Stock Exchange under ticker
symbols CNE, CNNEF, and CNEC, respectively.
This press release contains certain forward-looking statements
within the meaning of applicable securities law. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate"
and other similar words, or statements that certain events or
conditions "may" or "will" occur, including without limitation
statements relating to estimated production rates from the
Corporation's properties and intended work programs and associated
timelines. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Corporation
cannot assure that actual results will be consistent with these
forward-looking statements. They are made as of the date hereof and
are subject to change and the Corporation assumes no obligation to
revise or update them to reflect new circumstances, except as
required by law. Prospective investors should not place undue
reliance on forward looking statements. These factors include the
inherent risks involved in the exploration for and development of
crude oil and natural gas properties, the uncertainties involved in
interpreting drilling results and other geological and geophysical
data, fluctuating energy prices, the possibility of cost overruns
or unanticipated costs or delays and other uncertainties associated
with the oil and gas industry. Other risk factors could include
risks associated with negotiating with foreign governments as well
as country risk associated with conducting international
activities, and other factors, many of which are beyond the control
of the Corporation.
Canacol Energy Ltd.Investor
Relations888-352-0555IR@canacolenergy.comwww.canacolenergy.com
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