Tuscany International Drilling Inc. (TID.TO) announced that its existing credit agreement with Credit Suisse and certain other lenders has been further amended and restated. The US$210 million term loan that is currently outstanding has been extended and now matures on September 14, 2017 with the quarterly principal repayments now commencing on December 15, 2013, other than two US$2 million principal repayments required to be made on each of June 15, 2013 and September 15, 2013.
Tuscany noted that the change will increase its working capital allowing acceleration of optimization opportunities including the purchase of related equipment currently being rented by the Company and ongoing refurbishments which will have a positive effect on margins. The term loan facility was not increased.
In addition, the revolving facility has been increased by US$20 million to US$45 million and now matures on September 14, 2015. Tuscany has not drawn down any of the increased amount and US$25 million remains available under the revolving facility.
The company said that interest continues to accrue on the term loan at a 3-month LIBOR rate plus a 6.5% margin and is payable quarterly. Interest on the revolving loans continues to accrue, at Tuscany's election, either at a 3-month LIBOR rate plus a 6.5% margin or at alternate base rate plus a 6.5% margin.
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