TransGlobe Announces Establishment of Reserve-Based Lending Facility on Canadian Assets
"...As of the closing date, the borrowing base was set at C$30 million. Redeterminations of the borrowing base are scheduled semi-annually, with the first redetermination scheduled for November 30, 2017. Amounts drawn on the RBL bear interest at a rate of either ATB Prime or CDOR (Canadian Dollar Offered Rate) plus an applicable margin that varies from 1.25% to 3.25% depending upon the Company’s net debt to trailing cash flow ratio....
TransGlobe will initially use the funds available under the RBL to repay the existing C$15 million vendor-take-back loan outstanding which had an interest rate of 10% per annum and repayment of principal over 24 months. The remaining funds will be used as necessary to carry out the Company’s capital expenditure program in Canada...."
https://finance.yahoo.com/news/transglobe-energy-corporation-announces-establishment-212757373.html