Brief: Gear Energy Announces Update To Credit Facilities

Gear Energy

24/05/2019 21:29

May 24 (Reuters) - Gear Energy Ltd  GXE.TO :
    * GEAR ENERGY LTD. ANNOUNCES UPDATE TO CREDIT FACILITIES
    * GEAR ENERGY LTD - AMENDED CREDIT FACILITIES HAVE BEEN
REDUCED
FROM A TOTAL $115 MILLION TO $90 MILLION
    * GEAR ENERGY -  AMENDED CREDIT FACILITIES IS COMPRISED OF A
$70
MILLION SYNDICATED REVOLVING TERM CREDIT FACILITY AND A $20
MILLION OPERATING CREDIT FACILITY
    * GEAR ENERGY LTD - CURRENTLY, GEAR IS $70 MILLION DRAWN ON
ITS
CREDIT FACILITIES
    * GEAR ENERGY - CREDIT FACILITIES REDUCTION IS RESULT OF A
VARIETY
OF FACTORS INCLUDING RECENT SUPREME COURT OF CANADA RULING ON
REDWATER
    * GEAR ENERGY LTD - AS OF MAY 31, NET DEBT INCLUSIVE OF
CONVERTIBLE DEBENTURES IS FORECASTED TO BE APPROXIMATELY $74
MILLION
    * GEAR ENERGY - TERMS OF AMENDED CREDIT FACILITIES REMAIN
UNCHANGED WITH EXCEPTION OF ADDITIONAL COMPLIANCE, CONSENT AND
REPORTING REQUIREMENTS

Source text for Eikon:  ID:nCNWYlz9ma 
Further company coverage:  GXE.TO 

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