(Touchstone, 22.Apr.2024) — Touchstone Exploration Inc.‘s wholly owned Trinidadian subsidiary Touchstone Exploration (Trinidad) Ltd. has entered into the third amended and restated loan agreement with our Trinidad based lender.
The amended loan agreement provides for an additional $10mn five-year non-revolving term loan facility and an increase to our existing revolving loan facility borrowing capacity from $7mn to $10mn under the terms previously announced.
As a result, Touchstone’s credit facilities currently consist of our unchanged seven-year term loan facility, the new five-year $10mn non-revolving term loan facility, and the increased $10mn revolving loan facility. The existing seven-year non-revolving term loan facility has a current principal balance of $19.5mn, with thirteen equal and consecutive quarterly principal payments of $1.5mn outstanding through to the 15 Jun. 2027 maturity date. We have $7mn drawn on our revolving loan facility, resulting in an aggregate $26.5mn in bank debt principal currently outstanding.
We intend to fully draw the new $10mn non-revolving term loan facility to finance our 2024 capital program as previously set out in our 19 Dec. 2023 news release and expect to use the additional revolving loan facility credit capacity for general working capital purposes on an as needed basis.
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