Sunshine Oilsands enters into long-term forbearance with noteholders

Chicago, Aug. 9 – Sunshine Oilsands Ltd. entered into a long-term forbearance agreement with noteholders of its 10% senior secured notes, according to an announcement.

According to the new agreement, which covers the period from Sept. 1 to Aug. 31, 2023, all outstanding amounts (both principal and interest) will continue to accrue interest at a rate of 10% per year. And, during the forbearance period there will not be any forbearance fee and yield maintenance premium based on the initial forbearance agreement executed on Sept. 12, 2016.

The board believes that the forbearance agreement will give the company more time to repay or refinance the notes, while at the same time the financing cost has been substantially lowered.

Sunshine Oilsands is a Calgary, Alta.-based developer of oil sands leases in the Athabasca oil sands region.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.