Pacific Northern Gas Ltd.

Pacific Northern Gas Ltd.

February 03, 2010 09:30 ET

Debt Markets Renew Support for PNG: PNG Increases and Extends Term of Revolving Term Credit Facility

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2010) - Pacific Northern Gas Ltd. (TSX:PNG)(TSX:PNG.PR.A) ("PNG" or the "Company") today announced it has increased its existing 5-year revolving term loan from $20 million to $35 million and extended the term to 2015. The existing lenders, Canadian Western Bank and Roynat Inc., provided the additional commitments.

"This increase in liquidity provides PNG comfort in being able to continue to meet all debt maturity and capital expenditure program obligations. It also means that PNG can continue at full pace pursuing its strategic initiatives," said Roy Dyce, Company President and Chief Executive Officer. "We were pleased with the existing lenders' decision to hold their current positions in the credit facility notwithstanding the interest shown by other financial institutions."

Headquartered in Vancouver, British Columbia, Pacific Northern Gas Ltd. (TSX:PNG)(TSX:PNG.PR.A) owns and operates natural gas transmission and distribution systems. The Company's western transmission line extends from the Spectra Energy (formerly Duke Energy) gas transmission system north of Prince George to tidewater at Kitimat and Prince Rupert, and provides service to 12 communities and a number of industrial facilities. In the northeast, Pacific Northern's subsidiary Pacific Northern Gas (N.E.) Ltd. provides gas distribution service in the Dawson Creek, Fort St. John and Tumbler Ridge areas. Further information is available on the Company's website at:

Contact Information

  • Pacific Northern Gas Ltd.
    Kevin Teitge
    Vice President, Corporate Development & Treasurer
    (604) 691-5689