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Tuscany announces amendment to its credit facility


Published Nov 29, 2013
Tuscany International Drilling Inc.

Tuscany International Drilling Inc. has entered into an amending agreement (the "Amending Agreement") to its US $255,000,000 senior secured guaranteed credit agreement with Credit Suisse AG, Cayman Islands Branch, as administrative agent (the "Agent") and various lenders thereto (the "Credit Agreement").

The Amending Agreement will allow the Company to make withdrawals from its debt service reserve account in accordance with the terms of the Credit Agreement, as amended by the Amending Agreement, up until January 2, 2014, or such other date as may be agreed to by the Agent and a required majority of lenders under the Credit Agreement. The proceeds from withdrawals from the debt service reserve account will be used to finance operating expenses, specified capital expenditures, restructuring costs and general corporate purposes and to pay fees and expenses related to the Amending Agreement.

Tags: Tuscany International Drilling Inc.




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