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Southern Pacific completes CAD$150 million first lien term loan


Published Apr 2, 2014
Southern Pacific Resource Corp.

Southern Pacific Resource Corp. has closed the previously announced loan agreement with Credit Suisse AG and its affiliate for a new first lien term loan facility with an aggregate principal amount equal to the U.S. dollar equivalent amount of CAD$150,000,000.

The new first lien loan has a five year term with a maturity date on March 31, 2019 and will bear interest at LIBOR plus 10%.

The net available proceeds enables the Company to repay the existing first lien and to execute plans to move forward with Phase L at STP-Senlac, as well as to implement additional inflow control devices ("ICDs") at STP-McKay.

Tags: Southern Pacific Resource Corp.




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