Bonterra Energy cuts the non-revolving part of its term credit line

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Adriano Marchese

Bonterra Energy Corp. said on Friday that it cut the non-revolving portion of the term loan in its line of credit and expects its lenders to agree to further cuts during its mid-year review in November.

The Canadian oil and gas company said it had negotiated with its syndicate of lenders to amend the C $ 265 million (US $ 215 million) borrowing base line of credit consisting of a C $ 200 million and $ 65 revolving facility. millionth term of non-revolving loan.

The company said this means a significant reduction in its non-revolving term loan from C $ 150 million, which improves its financial flexibility.

Bonterra said it expects to further reduce its non-revolving term loan share to about C $ 30 million during its mid-year review in November as it seeks to move all of its bank debt into a fully compliant revolving line of credit.

The company said it expects free cash flow to increase as production rises and commodity prices improve.

Email Adriano Marchese at adriano.marchese@wsj.com

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