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Whitecap Resources closes C$705 million term loan for acquisition
Chicago, Aug. 31 – Whitecap Resources Inc. reported that it closed a C$705 million four-year term loan and increased its existing credit facility by C$395 million, resulting in total credit capacity of C$3.1 billion.
The closing of the credit facilities was related to the acquisition of XTO Energy.
The new term loan is repayable at any time and relies on the same pricing grid as the company’s existing credit facility.
On current strip pricing, Whitecap is expected to reach its net debt milestone of C$1.8 billion by year end, which would represent a debt to EBITDA ratio of 0.7x and leave the company with C$1.3 billion of unused credit capacity.
The Calgary, Alta., company explores for crude oil, natural gas and natural gas liquids.
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