Here is the detailed into on the new credit facility. I've only skimmed it quickly and noted a couple of things
https://www.sec.gov/Archives/edgar/data/1404079/000114420419019788/tv518930_ex10-1.htmAll quotes are in italics and taken from the 8K filed with the SEC. The bolding is mine for emphasis. The credit facility is a simple Term Loan.
"the Borrower has requested that the Lenders establish a $33,500,000 term loan facility in favor of the Borrower"
"Interest on the Loan is payable monthly at a rate equal to (i)a calculated average of the annual LIBOR rate, which may not be less than 1.75%, plus (ii) between 9.5% and 10.5%, for a minimuminterest rate of 11.25% per annum. Commencing with the fiscal month ending September 30, 2020, the Company will be required tomake monthly principal payments on the loans in an amount determined by a monthly straight-line amortization formula. Repaymentof all principal and interest is due on April 9, 2024."OK now we know ... looks like interest only year 1 and then principal & interest from Sep 2020 ... do the math given the hedges.
the Approved counterparty for the Hedges is BP presently
"“Approved Counterparty”shall mean (a) BP Energy Company, (b) any Person whose (or guarantor of such Person whose) long term senior unsecured debt ratingat the time a particular swap agreement transaction is entered into is A- or A2 by S&P or Moody’s (or their equivalent),respectively, or higher or (c) any other Person agreed by the Administrative Agent or the Majority Lenders."
Long list of covenants and reserve reporting requirements ... highlights
Note that "Leverage Ratio" replaces the old EBITDAX ratio and is simply defined as "Consolidated Total Debt" divided by Consolidated EBITDAX according to the definitions in the credit facility
A limit on G&A expenses of $2.75M in any one year ... last 6 months was $1.8M
Lets go ASX ... get this thing trading again
