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Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s):  ZPTAF | T.SGY.DB.B

Surge Energy Inc. is a Canada-based oil focused exploration and production (E&P) company. The Company's business consists of the exploration, development and production of oil and gas from properties in Western Canada. It holds focused and operated light and medium gravity crude oil properties in Alberta, Saskatchewan and Manitoba, characterized by large oil in place crude oil reservoirs with low recovery factors. It offers exposure to two of the five conventional oil growth plays in Canada: the Sparky and SE Saskatchewan. It holds a dominant land position and is drilling a mix of horizontal multi-frac and horizontal multi-lateral wells in the Sparky area. Sparky is a large, well established oil producing fairway in Western Canada. SE Saskatchewan is a focused operated asset base with light oil operating netbacks. SE Saskatchewan operates low-cost wells with short payouts and offers potential for continued area consolidation.


TSX:SGY - Post by User

Comment by Chris007on Dec 10, 2021 11:02am
140 Views
Post# 34218582

RE:Pl correct me if I am wrong

RE:Pl correct me if I am wrongInfo on the BDC loan is in the 2020 year end MD&A (pg.19)

As at December 31, 2020, the Company had a term loan commitment with Business Development Bank of Canada, for a four year, non-revolving second lien term facility of $40 million, maturing on November 17, 2024. At December 31, 2020, the Company had $32.5 million drawn on its term facility with $7.5 million of available borrowing capacity. Interest on the outstanding term loan will accrue and be added to the principal amount (capitalized) in the first year. Interest on the outstanding term loan will be due and payable monthly by the Company thereafter. Interest on borrowings are summarized as follows:

i. for the period between November 17, 2020 and the first anniversary date, at a per annum rate equal to 5.0 percent;
ii. thereafter until the second anniversary date, at a per annum rate equal to the greater of: the senior interest rate plus 1.0 percent; and 6.0 percent;
iii. thereafter until the third anniversary date, at a per annum rate equal to the greater of: the senior interest rate plus 2.0 percent; and 7.0 percent; iv. thereafter, at a per annum rate equal to the greater of: the senior interest rate plus 3.0 percent; and 8.0 percent.


Dibah420 wrote: Borrowed $40 MM from BDC. 
Re-paid $42MM year later. 
Interest rate 0.056?

New coupon rate:  0.0885  ?



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