Mahalo obtains $105 million bank facility

New York, July 3 - Mahalo Energy Ltd. said it closed on a $105 million credit facility with Ableco Finance LLC.

The four-year facility includes a $65 million revolving credit facility with an initial borrowing base set of $50 million, a $25 million term facility fully funded at closing and a $15 million delayed draw term facility for future acquisitions and capital expenditures, subject to the satisfaction of conditions.

Mahalo said the new facility gives it a more balanced capital structure that will allow increased flexibility to execute its business plan and continue to achieve positive results for its shareholders.

Mahalo is a Calgary, Alta.-based oil and gas exploration company.

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