Trident Exploration Corp.

Trident Exploration Corp.

April 13, 2011 20:15 ET

Trident Closes New Credit Facilities

CALGARY, ALBERTA--(Marketwire - April 13, 2011) - Trident Exploration Corp. ("the Company" or "Trident") today announced that it has completed the issuance of an aggregate of $340 million in new credit, represented by two issues that both closed today.

In a combination of arrangements including a secured revolving credit facility of $165 million, co-led by CIBC and ATB Corporate Financial Services, and an unsecured notes issue of $175 million, led by CIBC World Markets Inc., the Company completed a key foundation of its credit strategy within its corporate development plan.

The $175 million in unsecured notes mature April 13, 2018 and carry a coupon of 8.25% per annum, payable semi-annually. The issue was priced at par.

The $165 million secured revolving credit facility contains significant liquidity available to the Company. Trident estimates the cost of borrowing under this facility to average 5.25% per annum on amounts drawn over the next twelve months.

Proceeds from these issues were used to repay the Company's previous long-term debt in its entirety and for general corporate purposes.

Contact Information

  • Trident Exploration Corp.
    Todd Dillabough
    President, CEO & COO

    Trident Exploration Corp.
    Alan Withey
    Chief Financial Officer