InPlay seals $25m Business Development Bank of Canada facility
Calgary-headquartered InPlay Oil Corp has entered into definitive agreements with the Business Development Bank of Canada and its syndicate of lenders for a $25 million non-revolving, second lien senior secured four-year term facility .
Proceeds from the facility - which matures on 30 October, 2024 - will be used by InPlay for working capital and general corporate purposes. BDC and the senior lenders have agreed to fund the full amount of $25 million immediately.
InPlay says the facility provides it with significant additional long-term liquidity at reasonable interest rates to withstand the impacts of the COVID-19 pandemic, and allows the company to pursue development opportunities.
The syndicate of lenders includes ATB Financial and National Bank of Canada.
