“The amended loan agreement provides enhanced financial flexibility at attractive after-tax pricing,” the company said
The Trinidad-focussed oil and gas firm said it has currently drawn US$15mln of principal and expects to draw the remaining US$15mln before the end of 2021.
“The amended loan agreement provides enhanced financial flexibility at attractive after-tax pricing,” the company said in a statement.
Touchstone said the expanded borrowing agreement did not alter any material terms of the prior loan, save for an additional underwriting fee of US$50,000.
The facility has a seven-year term, from initial closing, which makes it due in June 2027. It carries 7.85% interest per year, payable quarterly in arrears. It is secured against fixed assets and under a corporate guarantee from Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF).
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Read More: Touchstone Exploration Inc expands credit facility up to US$30mln