Athabasca Oil banking syndicate renews credit facility until May

Chicago, Dec. 2 – Athabasca Oil Corp. said its banking syndicate has renewed its reserve-based credit facility until May 31, 2021, according to a press release on Wednesday.

The amount of the facility, C$39.9 million, remains unchanged. The amount reflects current outstanding letters of credit for long-term transportation commitments and is secured by the company’s restricted cash balances.

The company’s unsecured letter-of-credit facility with ATB Capital Markets was increased by C$10 million to C$40 million. The LOC is supported by a performance security guarantee from Export Development Canada.

Athabasca has $450 million in second-lien debt with a Feb. 24, 2022 maturity.

The refinancing of the company’s long-term debt remains a key 2021 priority, according to the company.

Athabasca is a Calgary, Alta.-based energy company focused on the development of thermal and light oil assets.

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