Vancouver, B.C., Canada March 28, 2011 – Clearlease.com reports Orion Oil & Gas Corporation (“Orion” or the “Company”) (TSX:OIP) announces that it has secured a $60 million increase in its credit facility. Orion’s existing credit facility will be replaced with a new syndicated credit facility and an operating facility in an aggregate principal amount of $120 million (together the “Credit Facilities”).
The syndication of the Credit Facilities was led by TD Securities (“TD”) and includes BNP Paribas (BNP”), The Bank of Nova Scotia (“BNS”), and Societe Generale (“SG”). The new Credit Facilities are comprised of a $100 million committed syndicated credit facility and a $20 million committed operating facility. Both are revolving facilities with term-out provisions with the initial revolving period ending on or about April 30, 2012. If the Credit Facilities are not renewed they will convert to 365-day term loans. The Credit Facilities will bear interest at the prime rate, bankers’ acceptance rate or LIBOR plus a spread determined by Orion’s debt-to-EBITDA ratio. The proceeds of the Credit Facilities may be used for general corporate purposes, including working capital and acquisitions.
“We are very pleased to have executed a significant increase in our Credit Facilities. The confidence and support shown by TD, BNS, BNP, and SG is a testament to the progress we have made thus far and we look forward to strengthening our relationship with our new partners,” said Gary Guidry, President and Chief Executive Officer of Orion. “These Credit Facilities, combined with our free funds flow from operations, ensure that we have the financial capability required to support our strategic plan.”
Summary Information Relating to Orion
Orion is engaged in the exploration for and development of oil and natural gas interests located primarily in the Kaybob, Redwater and Bigstone areas of Alberta. Orion is operator at its Kaybob, Redwater and Bigstone properties.
DLC Clearlease offers leasing which allows you to structure a financing program that addresses your key business issues, including: cash flow, budget, transaction, and cyclical fluctuations. For example, some heavy equipment operators request seasonal leases, which allow them to schedule their payments during their busiest months.
Furthermore, financing your equipment from DLC Clearlease guarantees an affordable plan to suit your business equipment needs with less out-of-pocket expenditures, spreading your payments across a manageable period of time. Reserve your capital for other expenses by leasing your equipment from us and save resources, time, value, and straight capital, too. A lease is not considered a long-term debt or liability, so it does not appear as debt on your financial statement, making you more attractive to traditional lenders when you need them.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
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Vancouver, B.C., Canada March 28, 2011 – Clearlease.com reports Orion Oil & Gas Corporation (“Orion” or the “Company”) (TSX:OIP) announces that it has secured a $60 million increase in its credit facility. Orion’s existing credit facility will be replaced with a new syndicated credit facility and an operating facility in an aggregate principal amount of $120 million (together the “Credit Facilities”).
The syndication of the Credit Facilities was led by TD Securities (“TD”) and includes BNP Paribas (BNP”), The Bank of Nova Scotia (“BNS”), and Societe Generale (“SG”). The new Credit Facilities are comprised of a $100 million committed syndicated credit facility and a $20 million committed operating facility. Both are revolving facilities with term-out provisions with the initial revolving period ending on or about April 30, 2012. If the Credit Facilities are not renewed they will convert to 365-day term loans. The Credit Facilities will bear interest at the prime rate, bankers’ acceptance rate or LIBOR plus a spread determined by Orion’s debt-to-EBITDA ratio. The proceeds of the Credit Facilities may be used for general corporate purposes, including working capital and acquisitions.
“We are very pleased to have executed a significant increase in our Credit Facilities. The confidence and support shown by TD, BNS, BNP, and SG is a testament to the progress we have made thus far and we look forward to strengthening our relationship with our new partners,” said Gary Guidry, President and Chief Executive Officer of Orion. “These Credit Facilities, combined with our free funds flow from operations, ensure that we have the financial capability required to support our strategic plan.”
Summary Information Relating to Orion
Orion is engaged in the exploration for and development of oil and natural gas interests located primarily in the Kaybob, Redwater and Bigstone areas of Alberta. Orion is operator at its Kaybob, Redwater and Bigstone properties.
DLC Clearlease offers leasing which allows you to structure a financing program that addresses your key business issues, including: cash flow, budget, transaction, and cyclical fluctuations. For example, some heavy equipment operators request seasonal leases, which allow them to schedule their payments during their busiest months.
Furthermore, financing your equipment from DLC Clearlease guarantees an affordable plan to suit your business equipment needs with less out-of-pocket expenditures, spreading your payments across a manageable period of time. Reserve your capital for other expenses by leasing your equipment from us and save resources, time, value, and straight capital, too. A lease is not considered a long-term debt or liability, so it does not appear as debt on your financial statement, making you more attractive to traditional lenders when you need them.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
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Vancouver, B.C., Canada March 28, 2011 – Clearlease.com reports Orion Oil & Gas Corporation (“Orion” or the “Company”) (TSX:OIP) announces that it has secured a $60 million increase in its credit facility. Orion’s existing credit facility will be replaced with a new syndicated credit facility and an operating facility in an aggregate principal amount of $120 million (together the “Credit Facilities”).
The syndication of the Credit Facilities was led by TD Securities (“TD”) and includes BNP Paribas (BNP”), The Bank of Nova Scotia (“BNS”), and Societe Generale (“SG”). The new Credit Facilities are comprised of a $100 million committed syndicated credit facility and a $20 million committed operating facility. Both are revolving facilities with term-out provisions with the initial revolving period ending on or about April 30, 2012. If the Credit Facilities are not renewed they will convert to 365-day term loans. The Credit Facilities will bear interest at the prime rate, bankers’ acceptance rate or LIBOR plus a spread determined by Orion’s debt-to-EBITDA ratio. The proceeds of the Credit Facilities may be used for general corporate purposes, including working capital and acquisitions.
“We are very pleased to have executed a significant increase in our Credit Facilities. The confidence and support shown by TD, BNS, BNP, and SG is a testament to the progress we have made thus far and we look forward to strengthening our relationship with our new partners,” said Gary Guidry, President and Chief Executive Officer of Orion. “These Credit Facilities, combined with our free funds flow from operations, ensure that we have the financial capability required to support our strategic plan.”
Summary Information Relating to Orion
Orion is engaged in the exploration for and development of oil and natural gas interests located primarily in the Kaybob, Redwater and Bigstone areas of Alberta. Orion is operator at its Kaybob, Redwater and Bigstone properties.
DLC Clearlease offers leasing which allows you to structure a financing program that addresses your key business issues, including: cash flow, budget, transaction, and cyclical fluctuations. For example, some heavy equipment operators request seasonal leases, which allow them to schedule their payments during their busiest months.
Furthermore, financing your equipment from DLC Clearlease guarantees an affordable plan to suit your business equipment needs with less out-of-pocket expenditures, spreading your payments across a manageable period of time. Reserve your capital for other expenses by leasing your equipment from us and save resources, time, value, and straight capital, too. A lease is not considered a long-term debt or liability, so it does not appear as debt on your financial statement, making you more attractive to traditional lenders when you need them.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouver, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html . You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
Contact DLC Clearlease.com:
Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Pidgeon, Editor
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
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