CALGARY, May 21, 2013 /CNW/ - Teine Energy Ltd. today announced that it
entered into a Senior Secured Second Lien Term Loan providing for USD
$300 million of funds with a final maturity date of May 17, 2019.
Pricing on the new term loan was set at L+625 with a 1.25% LIBOR floor,
offered at 98.5. The proceeds will be used to refinance the Company's
existing revolving credit line, to fund an expanded drilling program
and for general corporate purposes.
The Company concurrently refinanced its existing CAD $195 million
Extended Revolving Credit Facility with a new CAD$159 million
syndicated Revolving Credit Facility. The new Revolving Credit
facility will be available for general corporate purposes and capital
expenditures. The Company entered into an amended and restated Credit
Agreement to reflect the foregoing transaction.
Barclays served as the Sole Lead Arranger and Bookrunner on the USD $300
Million Senior Secured Second Lien Term Loan, National Bank of Canada
served as Documentation Agent and MCS Capital Markets LLC, acted as
Syndication Agent. National Bank Financial acted as Agent on the
revolving credit facility.
Teine has been one of the most active drillers in the Central West
Saskatchewan Viking play having drilled more than 250 horizontal oil
wells. Teine is also one of the largest land owners in the Central
West Saskatchewan Viking play with an undeveloped horizontal drilling
inventory of ~2,300 locations. The Company is majority owned by the
Canada Pension Plan Investment Board.
About Teine Energy Ltd.
Teine Energy Ltd. is a private Canadian oil and gas exploration and
development company. Teine's focus is to find and develop high netback,
large hydrocarbon in place properties within the Western Canadian
Sedimentary Basin. For more information about Teine, please visit www.teine-energy.com.
SOURCE: Teine Energy Ltd.