OPTI Canada amends revolver, modifying debt to EBITDA requirement

By Sara Rosenberg

New York, Aug. 28 - OPTI Canada Inc. amended its revolving credit facility, revising the debt to EBITDA covenant, according to a news release.

The debt to EBITDA requirement has been delayed and will now commence at the termination of the quarter ending March 31, 2010, instead of at the close of the quarter ending Sept. 30, 2009.

In addition, the covenant was temporarily increased to 3.5 to 1.0 from 2.5 to 1.0 and will be reduced to 3.0 to 1.0 effective at the end of the quarter ending Dec. 31, 2010.

The measurement of EBITDA for the ratio calculation has also been revised to provide for the option to include EBITDA for the quarter ending Dec. 31 in the annualization formula.

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

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