OPTI gets about C$159 million in commitments towards amended revolver

By Sara Rosenberg

New York, Nov. 16 - OPTI Canada Inc. has received commitments of roughly C$159 million for an amended and reduced revolving credit facility, according to a news release.

The amended revolver is not expected to contain a ratio of debt to EBITDA requirement, unlike the existing facility.

The revolver size can be increased to C$200 million.

Completion of the revolver is contingent on the company completing a $425 million first-lien senior secured notes offering.

Proceeds from the notes will be used to establish sufficient liquidity and flexibility for the company to proceed with its previously announced review of strategic alternatives process.

OPTI is a Calgary, Alberta-based company focused on developing oil sands projects.

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