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Article: Cano Petroleum Enters Agreement for $25 Million Subordinated Term Credit Facility and Provides Operational Update.
- Article from:
- Business Wire
- Article date:
- March 19, 2008
CopyrightCOPYRIGHT 2008 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FORT WORTH, Texas -- Cano Petroleum, Inc (Amex: CFW) today announced that it has entered into a $25 million Subordinated Term Credit Facility with UnionBanCal Equities, Inc. (UBE). Cano will immediately draw $15 million which will be used to pay down funded debt under its Senior Secured Facility. After the payment, the Senior borrowing will be $34.5 million which is 58% of the $60 million borrowing base.
Significant terms of the agreement include:
Maturity: 3 years with two 1-year extensions at UBE's sole discretion
Interest rate: So long as the Debt Coverage Ratio is less than or equal to 4:00 to 1:00, LIBOR +5.75%; otherwise, LIBOR +6.00% - ...
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Article: GEOCAN Energy Inc. to increase production to 2,075 boepd ...
PR Newswire;
March 22, 2004 ;
700+ words
... ... properties will increase GEOCAN's production by 860 boepd to approximately 2,075 boepd. The purchase price of $8.5 million includes ... predominantly 100% operated assets is approximately 830 boepd of heavy oil and 30 boepd of gas. Well restarts ...
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