CALGARY, Alberta, April 28, 2017 (GLOBE NEWSWIRE) — Toscana Energy Income Corporation (the “Corporation”) (TSX:TEI) is pleased to announce that it has entered into a commitment letter with respect to a new senior secured demand revolving credit facility with Alberta Treasury Branches (“ATB”).
The Credit Facility will provide the Corporation with a $36 million Credit Facility that will be available on a fully revolving basis. ATB has committed to the new Credit Facility subject to the finalization of documentation.
Current bank borrowings are estimated at $26 million, leaving approximately $10 million available for general corporate purposes. This new Credit Facility provides for expanded flexibility in managing corporate affairs within the current marketplace.