Touchstone announces expansion of credit facility to US$30 million
Touchstone Exploration release
CALGARY, ALBERTA (December 22, 2021) - Touchstone Exploration Inc. ("Touchstone", "we", "our", "us" or the "Company") (TSX, LSE: TXP) is pleased to announce that it has entered into an amended and restated loan agreement with its Trinidad based lender providing for a $10 million increase in the principal balance to $30 million (the "Amended Loan Agreement").
Touchstone currently has $15 million of the loan principal balance drawn and anticipates withdrawing the remaining $15 million available balance prior to the end of 2021. The Amended Loan Agreement provides enhanced financial flexibility at attractive after tax pricing.
The Amended Loan Agreement did not alter any material terms of the Company's prior loan agreement, save for an additional underwriting fee of $50,000 payable to the lender, equivalent to 0.5% of the increased principal amount. The following material terms and conditions of the original loan agreement remain applicable:
· Borrower | Touchstone Exploration (Trinidad) Ltd. |
· Facility type | Senior secured syndicated loan, with Republic Bank Limited acting as initial lender, arranger and administrative agent |
· Revised facility amount | US$30 million |
· Principal availability period | Principal may be withdrawn prior to January 1, 2022 |
· Term | June 15, 2027 - seven years from the initial closing date |
· Fixed interest rate | 7.85% per annum, payable quarterly in arrears |
· Principal amortization schedule | Twenty equal and consecutive quarterly principal repayments commencing on September 15, 2022 |
· Prepayments | Currently permitted with a 1.0% penalty and a 90-day notice period, no penalties payable after June 15, 2023 |
· Collateral | Senior mortgage over fixed assets of the Borrower and its subsidiaries and a corporate guarantee from Touchstone Exploration Inc. |
· Financial covenants (to be initially tested for the year ended December 31, 2022) | Net Senior Funded Debt to EBITDA less than 2.5 times Net Senior Funded Debt to Book Value Equity less than 0.7 times Debt Service Coverage Ratio greater than 2.5 times |
· Cash reserve balance | Maintain a balance of not less than the equivalent of two quarterly interest payments due |
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Oil & Gas (Trinidad and Tobago)
Trinidad reports uptick in natural gas resources
"The outlook for natural gas continues to be promising," according to the energy minister.
Recommended all share offer for Trinity Exploration & Production by Touchstone Exploration
To be effected by means of a scheme of arrangement under Part 26 of the Companies Act 2006
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Oil & Gas
Get critical information about thousands of Oil & Gas projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: Block CPO-9
- Current stage:
- Updated:
1 day ago
- Project: Grand Col
- Current stage:
- Updated:
1 day ago
- Project: Block Cabrestero
- Current stage:
- Updated:
1 day ago
- Project: Expansion of the Cerri Processing Complex
- Current stage:
- Updated:
1 day ago
- Project: Block VIM 5 (Clarinete)
- Current stage:
- Updated:
1 day ago
- Project: Block Esperanza
- Current stage:
- Updated:
1 day ago
- Project: Josefa Joaquina Sánchez Bastidas pipeline
- Current stage:
- Updated:
1 hour from now
- Project: New Fuel Specifications (NEC) in Lujan de Cuyo Refinery
- Current stage:
- Updated:
3 hours ago
- Project: Tupi Field (ex Lula)
- Current stage:
- Updated:
1 day ago
- Project: Centro-Oeste gas pipeline (former Triángulo Mineiro)
- Current stage:
- Updated:
1 hour from now
Other companies in: Oil & Gas
Get critical information about thousands of Oil & Gas companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Tomsa Destil, S.L. (Tomsa Destil)
-
Tomsa Destil S.L. is a Spanish company engaged in the biofuel industry and dedicated to design, supply, assembly and operation of industrial processes, as well as development of...
- Company: Frontera Energy Colombia AG (Frontera Energy Colombia)
-
Frontera Energy Colombia, formerly Meta Petroleum Corp., is a local subsidiary of the Canadian Frontera Energy Corp., which is dedicated to the production and exploitation of he...
- Company: Progen S.A.
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Consorcio Quintana-TSB
- Company: Staatsolie Maatschappij Suriname N.V. (Staatsolie)
-
Suriname's state oil company Staatsolie Maatschappij Suriname N.V. (Staatsolie) is engaged in the exploration, production, refining and trading of crude oil and derivatives, inc...
- Company: Empresa Mendocina de Energía (EMESA Argentina)
-
Argentina's Empresa Mendocina de Energía (EMESA) is a state-run energy producer involved in the hydrocarbon, renewable energy and electric distribution projects. Among its hydro...
- Company: Grupo Energía Bogotá S.A. E.S.P (GEB) (Grupo Energía Bogotá)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Nativo Resources Plc (Nativo Resources)
-
The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been...
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
