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BOK Financial Provides New $75MM Revolver to Kolibri Global Energy

May 20, 2022, 07:53 AM
Filed Under: Energy
Related: BOK Financial

Kolibri Global Energy announced that its indirect wholly owned subsidiary BNK Petroleum (US) Inc. (“BNK US”) has entered into a new US$75 million revolving line of credit from BOK Financial (“BOKF”) with an initial commitment amount of US$20,000,000.

The new facility has a four year term and provides for interest only payments until the June 2026 maturity date, with bi-annual scheduled reserve redeterminations. Initial proceeds from the new facility were used to fund the re-payment of BNK US’ previous facility with BOKF. The new facility bears interest at a per annum rate equal to an elected SOFR rate plus a margin ranging from 3% to 4%, depending on the borrowing base utilization amount. The Company currently has US$16.2 million drawn on the new facility which bears interest at 4.64%, assuming the current SOFR rate.

Post consolidation the Company’s ticker remains KEI on the TSX. On the OTCQB due to the consolidation the ticker has temporarily changed to KGEID for 20 business days, at which time it will revert back to KGEIF.

Commenting on the new facility, Wolf Regener, President and CEO, said, “We appreciate having BOKF’s continued support of our Tishomingo project. The new loan provides us with additional credit available and extended maturity to June 2026. We plan to use this facility and our cash flow to continue our 2022 drilling program in the 3rd quarter.”

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