Surge Energy gets C$30 million add-on loans, pushes out C$150 million first-lien facility

By Wendy Van Sickle

Columbus, Ohio, May 5 – Surge Energy Inc. said it has received an additional C$30 million of loans under its existing term debt financing and reconfirmed and extended its existing C$150 million first-lien credit facility, of which C$96.8 million was drawn at March 31, according to a news release.

The maturity of the newly reconfirmed first-lien credit facility is now extended through to May 31, 2024.

The add-on term loans will be used to fund a portion of the company’s early redemption of C$44.5 million of 5.75% five-year convertible debentures due Dec. 31, 2022.

Surge said the transaction will provide the company with a simplified debt capital structure, significant liquidity, and no debt capital maturities through to mid-2024.

Surge Energy is a Calgary, Alta.-based oil and gas production company.

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