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OPTI Canada to try to amend its facility debt to EBITDA requirement
By Sara Rosenberg
New York, June 23 - OPTI Canada Inc. plans to seek an amendment to its revolving credit facility to revise the debt to EBITDA covenant, according to a news release.
The company expects to be able to meet this covenant as is, but is trying to revise it so as to gain greater certainty of covenant compliance.
Discussions with certain key lenders, including the administrative agent on the revolver, have already been started and the intention is to approach other members of the syndicate following completion of a common shares offering.
Proceeds from the offering may be used to reduce debt under the revolver. Proceeds will also be used to fund 2009 capital expenditures and for working capital requirements.
The offering is scheduled to close on July 9.
OPTI is a Calgary-based company focused on developing major oil sands projects.
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