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RBC Capital Markets Leads 7G’s Facility Increase to $480MM

September 16, 2014, 07:12 AM
Filed Under: Energy

Seven Generations Energy Ltd. ("7G" or "the Company") and its lending syndicate have agreed to an amendment to 7G's senior secured revolving credit arrangement that has increased the borrowing capacity from $150 million to $480 million and extended the maturity date of the facility to September 2017.  RBC Capital Markets led the facility upsize and amendment, acting as Lead Arranger and Sole Bookrunner.  In addition to existing lenders Credit Suisse, Canadian Imperial Bank of Commerce and The Toronto-Dominion Bank, new lenders Bank of Montreal, Bank of Nova Scotia, Alberta Treasury Branches, Canadian Western Bank and National Bank of Canada were added to the banking syndicate. The facility is presently undrawn and provides significant support for the Company's development plan.

Pat Carlson, 7G's CEO, commented, "This commitment from existing and new lenders gives us the option to accelerate our development and ramp up from the current level of 10 drilling rigs, as we pursue our 500 million cubic feet per day firm production obligation over the medium term that aligns with our long term transportation and marketing agreements."

Seven Generations Energy Ltd. is a private Canadian company engaged in the development of the Kakwa River Project (the "Project"). Located approximately 100 kilometers south of Grande Prairie, Alberta, the Project is a tight, liquids rich gas and light oil project in the early stages of development. The Company's vision for the Project incorporates the potential production capacity of more than 2 billion cubic feet per day of natural gas and more than 200 thousand barrels per day of natural gas liquids (including condensate). 

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