Osum Oil extends most of its first-lien term loan by two years

By Rebecca Melvin

New York, July 3 – Osum Oil Sands Corp. said it has extended the maturity of about 90.6% of its $190 million senior secured first-lien term loan by two years until July 31, 2022, according to a news release.

The amendment pertains to about $172 million of the term loan.

In addition, the interest rate on the extended portion was raised and will vary between Libor plus 750 basis points and Libor plus 950 bps, depending on the company’s debt to cash flow ratio.

The remaining 9.4% of the loan, or about $18 million, and will continue to bear interest at Libor plus 550 bps, and it will mature as scheduled on July 31, 2020.

Barclays acted as lead arranger and bookrunner for the transaction.

The oil sands producer is based in Alberta.

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