Petrus Resources announces 2nd lien term loan expansion, expansion to credit center and 3rd quarter 2020 capital spending plan

December 2, 2020

Petrus Resources announces 2nd lien term loan expansion, expansion to credit center and 3rd quarter 2020 capital spending plan July 16, 2020 World Newswire CALGARY, Alberta – Petrus Resources Ltd. (“Petrus” or the “Company”) (TSX: PRQ) is happy to announce the concurrent expansion of its 2nd lien term loan (“Term Loan”) and Revolving Credit Facility (“RCF”) additionally the conclusion for the RCF loan providers’ 2020 review that is annual. The Company’s board of directors in addition has authorized its quarter that is third 2020 spending plan. SECOND LIEN TERM LOAN EXTENSION Petrus has entered into an amending contract with Macquarie Bank restricted to expand the $35 million Term Loan maturity date to 31, 2021 july. The attention price regarding the Term Loan balance will undoubtedly be updated to become the Canadian Dealer Offered Rate (“CDOR”) plus 975 foundation points. All the interest may be produced by method of paymentinkind (“PIK”) and included with the balance that is outstanding of Term Loan in place of payment of money interest. The definition of Loan extension comes with the elimination of the debt that is total EBITDA ratio along with the Proved and PDP resource Coverage Ratios from the economic covenants. The performing Capital ratio covenant happens to be updated to a test this is certainly the least (or such lower quantity as consented to because of the loan providers underneath the Term Loan which shall perhaps perhaps not be significantly less than 0.5:1.0). CREDIT CENTER EXTENSION Concurrent using the Term Loan extension, the organization has also finished its yearly RCF review. The RCF ended up being updated to $88.5 million.

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