Connacher Oil & Gas to launch C$140 million term loan on Thursday

By Sara Rosenberg

New York, May 7 - Connacher Oil & Gas Ltd. is scheduled to hold a bank meeting at 2:30 p.m. ET in New York on Thursday to launch a C$140 million U.S. equivalent (about $128 million) four-year first-lien second-out term loan, according to a market source.

Credit Suisse Securities (USA) LLC is the sole lead arranger and sole bookrunner on the deal.

The term loan is non-callable for one year then at 101 in year two and has a springing maturity inside the company's August 2018 bonds.

Proceeds will be used for general corporate purposes and to refinance existing debt.

Commitments are due on May 22, the source added.

In addition, the company said in a new release that it intends to amend its existing senior secured revolving credit facility and reduce the size to C$30 million from C$95 million.

Connacher is a Calgary-based in-situ oil sands developer, producer and marketer of bitumen.

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