By Devika Patel
Knoxville, Tenn., June 12 – Tec CTL, Inc. said it arranged a $3 billion working capital facility with Milost Global, Inc. Palewater Advisory Group was the agent.
Milost Global will receive senior secured exchangeable notes under the facility at a 200% premium price, bearing interest at 5% and repayable quarterly.
The company and the investor signed a binding commitment letter and will be working on the closing documents.
Tec CTL is a New York-based oil and gas company.
| Issuer: | Tec CTL, Inc.
|
| Issue: | Working capital facility in the form of senior secured exchangeable notes
|
| Amount: | $3 billion
|
| Coupon: | 5%
|
| Price: | 200%
|
| Agent: | Palewater Advisory Group
|
| Investor: | Milost Global, Inc.
|
| Announcement date: | June 12
|
| Distribution: | Private placement
|
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