RE:RE:New Agreements We are also pleased to announce that NuVista has closed a $40 million unsecured letter of credit facility under EDC’s Account Performance Security Guarantee (“APSG”) program. The Company intends to transfer currently outstanding letters of credit in the amount of $19.3 million from its $475 million credit facility to the APSG program, further enhancing the liquidity available under the credit facility.
- Augmented our liquidity with the APSG program.
This approach is expected to result in greater than $100 million of available liquidity by the end of 2020.
If they are transferring over 19.3 then they really are only just reducing the amount owed on one credit and increasing it on this new one. Technically have another 40 million available to use if required between the two. 20.7 million on the new credit and 19.3 more on the old one.
At least it’s more access to funds and doesn’t mean their going to use it. So really they haven't taken on anymore debt.
Being able to get some more access to money these days is a good thing to carry you through until good times inevitably come back.