Lightstream aims to lift availability under facility to C$375 million

By Marisa Wong

Madison, Wis., July 2 – Lightstream Resources Ltd. plans to reduce the borrowing amount under its credit facility by about C$250 million, which would increase the credit available under the credit facility to roughly C$375 million, according to a press release.

The company plans to repay borrowings using proceeds from a $200 million issue of 9 7/8% second-lien notes due 2019. The sale is expected to close mid-July.

The borrowing base under the credit facility is unchanged at C$750 million.

Lightstream is an oil and gas exploration and production company based in Calgary, Alta.

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