Topaz Energy Announces Credit Facility Expansion and Extension

Source: www.gulfoilandgas.com 2/19/2021, Location: North America

Topaz Energy Corp.has entered into an amended and restated credit agreement with a syndicate of Canadian banks providing for a $300 million combined operating and syndicated credit facility due February 19, 2024 ("Amended Credit Facility"). The Amended Credit Facility replaces the Company's prior credit facility, which was undrawn, due June 10, 2022, and provided for aggregate borrowing capacity of $125 million ("Prior Credit Facility"). The Amended Credit Facility provides for a permitted increase to $400 million, subject to agent consent, and is subject to covenants which are consistent with the covenants under the Prior Credit Facility.

Strategic Rationale
The Company's business model is supported by its conservative capital structure which currently has no debt, a net positive cash position, and significant free cash flow which, together, provide financial flexibility. The Amended Credit Facility includes improved revisions to the variable grid used to determine the interest rate payable on borrowings by the Company, which results in enhanced financial flexibility at attractive pricing to position the Company to strategically execute accretive growth transactions.

2020 Results and Updated 2021 Guidance
Topaz plans to release its annual and fourth quarter 2020 results and updated 2021 guidance estimates on Wednesday, March 17, 2021 after markets close. Topaz will host a conference call on Thursday, March 18, 2021 starting at 9:00 a.m. MST (11:00 a.m. EST). To participate in the conference call, please dial 1-888-664-6392 (North American toll free) a few minutes prior to the call. Conference ID is 26428688.


Kenya >>  5/25/2022 - Africa Oil Corp. ("AOI", "Africa Oil" or "the Company") is pleased to announce that it has received a dividend from Prime Oil and Gas Cooperatief UA (...
Norway >>  5/24/2022 - Reference is made to the announcement issued on May 4, 2022 regarding the Private Placement and the Subsequent Offering. The Private Placement is, amo...

Trinidad and Tobago >>  5/24/2022 - Trinity, the independent E&P company focused on Trinidad and Tobago, announces its final results for the year ended 31 December 2021 ("the Period" or ...
Vietnam >>  5/24/2022 - Norsk Solar Vietnam has secured non-recourse project financing of up to USD 12 million from responsAbility Investments. Norsk Solar Vietnam is owned b...

Australia >>  5/23/2022 - Calima Energy Limited is pleased to advise on the following capital management program to be implemented.

Dividend
Calima is pleased...

United Kingdom >>  5/23/2022 - Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues of...




Gulf Oil and Gas
Copyright 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.