BNK Petroleum Inc. (TSX: BKX) has had its commitment amount under its credit facility reaffirmed at US$24,400,000 by Morgan Stanley Capital Group Inc. (MSCGI). The other terms of the US$100,000,000 facility remain the same. BNK currently has US$22,600,000 outstanding under the facility, with US$1,800,000 available to utilize.
The facility bears interest at a per annum rate equal to then three month LIBOR plus an applicable margin ranging from 2% to 7% based on a number of factors including the ratio of outstanding borrowings to a calculated borrowing base level and individual well value concentration. The facility provides for interest only payments until the July 2018 maturity date.