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BRIEF-Prairie Provident Provides An Update On Lending Facility

Published Apr 21, 2020 18:43
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April 21 (Reuters) - Prairie Provident Resources Inc PPR.TO :

* PRAIRIE PROVIDENT PROVIDES AN UPDATE ON LENDING FACILITY

* PRAIRIE PROVIDENT RESOURCES INC - HAS ENGAGED WITH ITS LENDERS TO AGREE TO INTERIM MEASURES FOR NEAR-TERM OBJECTIVES

* PRAIRIE PROVIDENT RESOURCES INC - SUSPENDED ITS CAPITAL PROGRAM IN RESPONSE TO CURRENT ECONOMIC ENVIRONMENT

* PRAIRIE PROVIDENT RESOURCES INC - WILL RESTRICT ITS CAPITAL SPENDING TO A SMALL SUITE OF MAINTENANCE AND REQUIRED DECOMMISSIONING PROJECTS

* PRAIRIE PROVIDENT RESOURCES INC - CASH FLOWS WILL BE DIRECTED TO ONGOING OPERATIONS, WITH A FOCUS ON MAINTAINING ECONOMIC PRODUCTION

* PRAIRIE PROVIDENT- LENDER REDETERMINATION OF REVOLVING FACILITY BORROWING BASE, ORIGINALLY SCHEDULED FOR MARCH 31, HAS BEEN TEMPORARILY DEFERRED

* PRAIRIE PROVIDENT - CURRENTLY DRAWN ABOUT USD $57.0 MILLION AGAINST USD $60 MILLION BORROWING BASE CONFIRMED ON LAST OCT 2019 REDETERMINATION

* PRAIRIE PROVIDENT - HAS AGREED TO DIRECT EXCESS FUNDS TO REPAYMENT OF BORROWINGS ON OUR SENIOR SECURED REVOLVING NOTE FACILITY

* PRAIRIE PROVIDENT - HAS ALSO AGREED TO A 200 BPS MARGIN INCREASE ON OUTSTANDING ADVANCES

BRIEF-Prairie Provident Provides An Update On Lending Facility
 

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