News Column

Connacher Completes First Lien Term Loan Facility and Amends Credit Facility

May 27, 2014

ENP Newswire - 27 May 2014

Release date- 23052014 - Calgary, Alberta - Connacher Oil and Gas Limited (CLL - TSX) announced today that it has closed the previously announced first lien term loan facility in an aggregate principal amount of US$128.4 million.

Credit Suisse arranged a syndicate of institutional investors for the Term Loan Facility. Loans under the Term Loan Facility were advanced at 99% of par and bears interest at LIBOR plus 6% (1% LIBOR floor), to be paid quarterly.

The maturity date of the Term Loan Facility will be the earlier of four years from closing, or 180 days prior to the earliest maturity of the Company's existing Senior Secured Second Lien Senior Notes (being August 1, 2018).

The Company also received lender consent to amend and restate the existing senior secured revolving credit facility (the 'Credit Facility') to $30 million and extend the maturity date to December 31, 2016. About Connacher

Connacher is a Calgary-based in situ oil sands developer, producer and marketer of bitumen. The Company holds a 100 per cent interest in approximately 450 million barrels of proved and probable bitumen reserves and operates two steam assisted gravity drainage facilities located on the Company's Great Divide oil sands leases near Fort McMurray, Alberta.


Connacher Oil and Gas Limited

Suite 900, 332 - 6th Avenue SW

Calgary, Alberta T2P 0B2

Tel: (403) 538-6201

Fax: (403) 538-6225


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Source: ENP Newswire

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