Obsidian Energy will repay some borrowings on term loan with equity offering

Chicago, Nov. 10 – Obsidian Energy Ltd. will partially repay its C$215 million term loan and its $47 million notes with the proceeds of an equity offering, on a pro rata basis, according to a 6-K filed with the Securities and Exchange Commission.

The company needed consent from lenders on its credit facility to allow for certain transactions, and part of the agreement was that Obsidian would pay C$25 million on its non-revolving credit facility.

The company will use the equity offering, and if necessary, draw on its revolver for the payment.

Obsidian Energy is a Calgary, Alta.-based oil and natural gas production company.

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