Athabasca Oil amends credit facility, increases by C$110 million

By William Gullotti

Buffalo, N.Y., Oct. 7 – Athabasca Oil Corp. announced, conditional upon completion of a $350 million private placement offering and a conditional redemption of $450 million notes due 2022, that it will enter an amended and restated credit agreement, according to a news release on Thursday.

The amended and restated credit agreement provides for a C$110 million reserves-based secured credit facility with a maturity date in October 2023.

Athabasca currently has a C$40 million unsecured letter-of-credit facility that is supported by a performance security guarantee from Export Development Canada.

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

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