NG Energy International Corp. (TSXV: GASX) (OTCQX: GASXF) secured financing under a credit and guarantee agreement with Macquarie Group for up to US$100 million, of which US$50 million is committed funding. NG Energy additionally obtained an uncommitted letter of credit facility from Macquarie Group for up to US$13.6 million.
NG Energy also achieved the conversion or early redemption of 100% of its issued and outstanding CDN$69.5 million principal amount secured convertible debentures issued on November 30, 2022 and July 31, 2023.
NG Energy is a publicly traded exploration and production company focused on delivering clean and sustainable energy solutions in Colombia. Proceeds from the financing will be used to simplify NG Energy’s capital structure and optimise its balance sheet, reduce the overall leverage of the company, and for general corporate purposes. Proceeds from the letter of credit facility will be used to guarantee work commitments under NG Energy’s contracts with midstream partners and with the Agencia Nacional de Hidrocarburos in Colombia.
Wildeboer Dellelce LLP acted for NG Energy in connection with the transactions with a team that included Rachel Manno and Katie Drury (Debt), Peter Volk, Sarah Wahba, Alex Karlsen, Kyra Flomen and Victoria Allen (Corporate/Securities) and Mariam Al-Shikarchy, Marija Tasevska and Emma Weiss (Tax).