- ROK Resources ( OTCPK:PTRDF ) ( TSXV: ROK:CA ) has agreed on a $75M senior secured loan facility with a Canadian Chartered Bank to fund the Southeast Saskatchewan asset acquisition and pay out an estimated $42M existing debt held by Anvil Channel Energy Solutions.
- The senior loan facility is comprised of $22.5M revolving credit facility with an expected initial interest rate of ~8.15% and a $52.5M non-revolving term loan with an interest rate of Canadian Bankers' Acceptance rate plus 6.25%.
- The petroleum and natural gas development company expects to realize savings of ~30% in lower combined interest expenses.
- Source: Press Release
For further details see:
ROK Resources agrees on $75M senior secured loan facility