SCR Has NO CASH & CONCERNING $ 521.8M Term Credit Facility - DUE 2/29/2024
from SCR Q3/2023 MD&A report:
@ 9/30/2023:
TCF: $ 521.8 million
(b) Term Credit Facility At September 30, 2023, the Company had a $525.0 million term loan (December 31, 2022 - $700.0 million) with a syndicate of Canadian banks (the “Term Credit Facility” and together with the Revolving Credit Facility, the “Credit Facilities”). The Term Credit Facility has a maturity date of February 29, 2024. Concurrent with the Arrangement (as defined in Note 18), the mandatory repayment provisions for the Term Credit Facility were amended. For the third quarter of 2023, an amortization payment of $175.0 million plus 100% of excess cash flow is due by November 15, 2023. Excess cash flow is calculated as Adjusted EBITDA (as defined below) less cash capital and decommissioning expenditures, lease payments (to the extent not already deducted), taxes, interest expense, amortization payments and any extraordinary and non-recurring losses added back in the determination of Adjusted EBITDA. For the fourth quarter of 2023, an amortization payment of $175.0 million is due by February 15, 2024.
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