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CALGARY, Alberta, Dec. 17, 2018 (GLOBE NEWSWIRE) — Cequence Energy Ltd. (“Cequence” or the “Company”) (TSX: CQE) is pleased to announce that its senior lender has completed a redetermination of the borrowing base under the Company’s senior secured credit facility (the “Credit Facility”), and has confirmed the borrowing base remains at $7 million. Other than outstanding letters of credit totalling approximately $1.5 million, the Company currently has no amounts drawn under the Credit Facility. Acquisition of the Company’s $60 million Term Loan Cequence also wishes to announce that it has been advised that its $60 million second lien senior secured term loan facility due October 3, 2022 (the “Term Loan”), as well as the 1,841,459 common share purchase warrants (the “Warrants”) issued in conjunction with the term loan, have been purchased from CPPIB Credit Investments Inc. (“CPPIB Credit”), a wholly owned subsidiary of the Canada Pension Plan Investment Board. The Term Loan and Warrants were purchased by an individual who, in subsequent transactions, sold interests in the Term Loan and Warrants to a small group of persons, including two of the Company’s directors and officers, Don Archibald (Executive Chairman) and Howard Crone (Executive Vice-President) (each, together with the aforementioned […]
