i3 Energy plc has re-financed its existing CA$57m loan with a CA$75 million reserve-based credit facility.
VALIDATION
The new senior secured credit with a Canadian chartered bank comprises a $55m revolving facility and a $20m operating loan.
The agreement also see repayment of $57m, which is the outstanding balance of i3 Energy’s existing $75m loan with Trafigura Canada Ltd.
i3 said that the new credit was non-amortising and released $25m per annum.
“The non-amortising structure of the facility has an immediate benefit in increasing liquidity, which we can deploy in high return growth initiatives,” added chief executive Majid Shafiq.
“This is a very positive validation of the strength of our underlying portfolio, and we look forward to building our new financial relationship in a mutually beneficial manner as we expand and grow our Canadian operations.
“We maintain an extremely positive working relationship with Trafigura, and the expansion of our commercial dealings with a range of sophisticated debt capital market investors attests to the quality of our portfolio, staff, and the success of our development operations in Canada over the last several years.”