Obsidian Energy extends credit facility revolving, term-out periods

By Marisa Wong

Los Angeles, Aug. 13 – Obsidian Energy Ltd. announced an extension of its syndicated credit facility.

The revolving period ends on Feb. 28, 2020, with revolving period reconfirmation dates on Nov. 19 and Jan. 20, according to a press release.

Under the agreement, the term-out period is extended to Nov. 30, 2020, the company said.

The underlying borrowing base and amount available under the facility remain at $550 million and $460 million, respectively.

Obsidian said that upon closing of the previously announced Peace River Oil Partnership disposition, the amount available under the facility will be reduced to $420 million.

The transaction is expected to close by the end of August.

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

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