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Athabasca Oil plans C$120 million credit facility via seven banks
By Marisa Wong
Morgantown, W.Va., Feb. 9 – Athabasca Oil Corp. said it plans to establish a new C$120 million credit facility supported by seven major financial institutions.
The company plans to enter into the reserve-based credit facility concurrently with an issuance of new senior secured second-lien notes due 2022, according to a press release.
The credit facility will be backed by the company’s proved developed producing reserves.
Closing is expected to occur when the new notes settle, which is expected to be on Feb. 24.
RBC Capital Markets, LLC, Goldman Sachs & Co., Credit Suisse and TD Securities acted as placement agents.
Athabasca is a Calgary, Alta.-based energy company focused on the development of thermal and light oil assets.
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