Sunshine Oilsands closes CDN$200M syndicated credit facility

Sunshine Oilsands

Calgary based Sunshine Oilsands Ltd. has closed a CDN$200 million syndicated secured credit facility. 

The co-lead institutions that arranged the credit facility were Alberta Treasury Branches and Bank of China (Canada), supported by Bank of America, N.A., Canada Branch; HSBC Bank Canada; Morgan Stanley Senior Funding, Inc.; Scotiabank; The Toronto-Dominion Bank; UBS AG Canada Branch; and Industrial and Commercial Bank of China (ICBC) (Canada).  Alberta Treasury Branches was the agent for the lenders.

The credit facility will be used to complete the final construction of the ongoing West Ells project, to fund the front end portion of the Thickwood project and to advance program and regulatory development to expand capacity for the West Ells, Thickwood and Legend Lake projects. The capacity of the West Ells, Thickwood and Legend Lake is expected to be 200,000 barrels per day of production when fully completed.

John Zahary, president and CEO, said "We are very pleased to complete this facility with a very high quality syndicate of Asian, global and Canadian banks. It shows strong validation of the company's business plan and establishes a strong platform for future growth."

Sunshine also wishes to announce that it has terminated its share repurchase program, as announced on September 16, 2012.  Pursuant to the share repurchase program, Sunshine repurchased, for cancellation, a total of 61,172,000 Class "A" Voting Common Shares at an average price of HKD $3.08 per share.

Sunshine Oilsands Ltd. is a large, non-partnered holder of oil sands leases in the Athabasca oil sands region. Since the company's incorporation on in February 2007, Sunshine has secured over 464,897 hectares (1,148,785 acres) of oil sands leases (equal to approximately 7% of all granted leases in this area).

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