RE:COMPLETED TERM LOAN AGREEMENT The repayment trems are right in the announcement, 30%, year one and two, 40% year three to bring term loan to zero. Thereis aslo large reductions in the Revolving facility in 2024 and 2025.
this isfrom the announcement I got emailed on. It matches what is posted on here under news.
The Term Facility matures three years after it is drawn and provides Ensign exposure to favourable rate terms and leverages near-term free cash flow generation. Ensign intends to use the proceeds from the Term Facility and available liquidity to redeem its outstanding 9.25% senior notes due April 15, 2024, on or before December 31, 2023. The Term Facility is subject to 30% amortization in the first year, 30% amortization in the second year and 40% amortization in the third year.
The maturity date of the Credit Facility has been extended for three years to October 2026. The amended and extended Credit Facility also provides Ensign with continued access to revolver capacity and near-term flexibility in a constructive market.
The amendments to the Credit Facility includes a reduction of the facility by $50.0 million at the end of the second quarter of 2024, a $75.0 million reduction at the end of the fourth quarter of 2024 and a further reduction of $75.0 million by the end of the second quarter of 2025. The final size of the Credit Facility will be $700.0 million.
The Company reaffirms its debt reduction for 2023, targeted to be approximately $200.0 million. As of June 30, 2023, Ensign's Total debt, net of cash, was reduced by $112.5 million since December 31, 2022. Furthermore, Ensign's target debt reduction for the period beginning 2023 to the end of 2025 is approximately $600.0 million. If industry conditions change, this target could be increased or decreased.
The Term Facility and amended Credit Facility agreement will be made available on www.sedarplus.com.
Possibleidiot01 wrote: Lots of details on credit facility and debt payback but none essentially on the completed term loan payment. Have to assume done on similar terms as previously?
Finding sedarplus hard to search - anybody have an idea what type of document this would be?