Examples of Senior Secured Bridge Facility in a sentence
The $350 million Senior Secured Bridge Facility provided Harvest with a single draw on this facility within five days of the closing of its acquisition of North Atlantic and, subject to the repayment requirements of the $450 million Senior Unsecured Bridge Facility, requires repayments equivalent to the net proceeds from an issuance of equity or equity like securities including convertible debentures and, in all events, repayment in full within 18 months of the initial draw.
At December 31, 2006, Harvest had $1,306.0 million drawn under its three year revolving credit facilities, of which $763.0 million is payable in U.S. dollars, and $289.7 million drawn under its $350 million Senior Secured Bridge Facility.
Harvest was entitled to make additional repayments on the $350 million Senior Secured Bridge Facility without penalty or notice.
This amendment increased the borrowing capacity to $1.4 billion and established a $350 million Senior Secured Bridge Facility.
On November 22, 2006 Harvest issued 9,499,000 trust units and 379,500 convertible debentures for total net proceeds of $610.2 million, of which $450 million was used to fully repay the Senior Unsecured Bridge Facility, $60.3 million was applied against the $350 million Senior Secured Bridge Facility and the remainder was applied against the three year extendible revolving facility.
Harvest is entitled to make additional repayments on the $350 million Senior Secured Bridge Facility without penalty or notice.
With the application of Cdn $289.7 million to its Senior Secured Bridge Facility, Harvest will have fully repaid its Cdn $800 million of bridge facilities and reduced the drawn portion of its three year extendible revolving facility by a further Cdn $38.9 million.
Availability under this facility was subject to the following quarterly financial covenants: On October 19, 2006, Harvest entered into an amended and restated credit agreement with its lenders which increased its three year extendible revolving credit facility from $900 million to $1.4 billion and established a $350 million Senior Secured Bridge Facility.
On February 1, 2007, Harvest issued 6,146,750 Trust Units and 200,000 convertible debentures for total net proceeds of $328.6 million which was used to fully repay the remaining $289.7 million outstanding on the Senior Secured Bridge Facility with the remainder applied to the three year extendible revolving facility.
Notwithstanding anything to the contrary contained herein, any resales or assignments of the Senior Facility or the Senior Secured Bridge Loans by any Lender (including the Initial Lenders) on or following the date on which the Tender Offer and the Merger are consummated and the entering into of the Senior Facility (the “Closing Date”) shall be governed by the provisions of the Senior Facility or the Senior Secured Bridge Facility, as applicable, as set forth in the Term Sheets.