Canacol Energy Ltd. entered into a credit agreement for a US$200 million senior secured term loan, the company said April 27.
The loan is due Sept. 30, 2019 and will be secured by all of Canacol’s material assets.
Proceeds will repay the US$176 million principal and interest from the existing term loan. They will also pay transaction costs and support general corporate purposes.
The new credit agreement will replace the existing credit agreement and defer amortization until Dec. 31, 2017. Funding under it is scheduled to take place April 28.
BNP Paribas led a syndicate of banks as sole lead arranger and book-runner. Davivienda, Citibank, Bladex, ICBC, BICSA and Banco de Occidente were in the syndicate.
Calgary, Alberta-based Canacol Energy Ltd. produces oil and natural gas in Colombia and Ecuador.
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