Birchcliff Energy Ltd. Announces Increase to Bank Credit Facilities
CALGARY, ALBERTA--(Marketwire - June 27, 2012) -
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Birchcliff Energy Ltd. ("Birchcliff") (TSX:BIR) is pleased to announce that as a result of its annual credit review process, its syndicate of banks have approved an increase in its Syndicated Credit Facilities to an aggregate of $540 Million from the previous credit limit of $520 million. The terms of the Credit Facilities remain unchanged, including the two-year term-out feature applicable to the extendible revolving credit facilities.
Four additional banks have been added to the syndicate, which now consists of nine banks led by The Bank of Nova Scotia.
Birchcliff's credit facilities consist of a $70 million non-revolving five-year term credit facility with a maturity date of May 25, 2016 (the "Non-Revolving Five-Year Term Facility") and extendible revolving credit facilities (the "Revolving Credit Facilities") of $470 million.
The Revolving Credit Facilities are made up of an extendible revolving credit facility (the "Syndicated Credit Facility") of $440 million and an extendible revolving working capital facility (the "Working Capital Facility") of $30 million both of which have a two-year term-out feature.
Birchcliff is a publicly traded company that trades on the TSX Exchange under the symbol "BIR".
The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.