Brief: Prairie Provident Provides An Update On Lending Facility

Prairie Provident Resources

21/04/2020 23:43

April 21 (Reuters) - Prairie Provident Resources Inc
 PPR.TO :
    * PRAIRIE PROVIDENT PROVIDES AN UPDATE ON LENDING FACILITY
    * PRAIRIE PROVIDENT RESOURCES INC - HAS ENGAGED WITH ITS
LENDERS
TO AGREE TO INTERIM MEASURES FOR NEAR-TERM OBJECTIVES
    * PRAIRIE PROVIDENT RESOURCES INC - SUSPENDED ITS CAPITAL
PROGRAM
IN RESPONSE TO CURRENT ECONOMIC ENVIRONMENT
    * PRAIRIE PROVIDENT RESOURCES INC - WILL RESTRICT ITS
CAPITAL
SPENDING TO A SMALL SUITE OF MAINTENANCE AND REQUIRED
DECOMMISSIONING PROJECTS
    * PRAIRIE PROVIDENT RESOURCES INC - CASH FLOWS WILL BE
DIRECTED TO
ONGOING OPERATIONS, WITH A FOCUS ON MAINTAINING ECONOMIC
PRODUCTION
    * PRAIRIE PROVIDENT- LENDER REDETERMINATION OF REVOLVING
FACILITY
BORROWING BASE, ORIGINALLY SCHEDULED FOR MARCH 31, HAS BEEN
TEMPORARILY DEFERRED
    * PRAIRIE PROVIDENT - CURRENTLY DRAWN ABOUT USD $57.0
MILLION
AGAINST USD $60 MILLION BORROWING BASE CONFIRMED ON LAST OCT
2019 REDETERMINATION
    * PRAIRIE PROVIDENT - HAS AGREED TO DIRECT EXCESS FUNDS TO
REPAYMENT OF BORROWINGS ON OUR SENIOR SECURED REVOLVING NOTE
FACILITY
    * PRAIRIE PROVIDENT - HAS ALSO AGREED TO A 200 BPS MARGIN
INCREASE
ON OUTSTANDING ADVANCES

Source text for Eikon:  ID:nGNX3KjjFx 
Further company coverage:  PPR.TO 

 (Reuters.Briefs@thomsonreuters.com)