Petrus still eyes one-year loan extension; covenant eased for quarter

By Wendy Van Sickle

Columbus, Ohio, June 29 – Petrus Resources Ltd. said its syndicate of lenders has extended the borrowing base termination date on its revolving credit facility agreement to July 6 from June 29.

The extension also includes consent from the lenders to expand the total debt to adjusted EBITDA ratio covenant to 3.75:1.0 from 3.5:1.0 for the quarter ending June 30.

The company had obtained previous extensions of the termination date, as reported.

The company continues to be in discussions with the bank syndicate on a one-year extension to the credit facility, as well as with its term loan provider on a one-year extension to the term loan, according to a Monday press release.

Petrus is an oil and gas company based in Calgary, Alta.

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