OBSIDIAN ENERGY LTD. announced that company have completed the one-time adjustment of the syndicated credit facility effective December 31, 2021. Company's aggregate commitment amount is now $366.8 million adjusted from the previous amount of $415.0 million. The Company's syndicated credit facility included a one-time adjustment to reduce the undrawn availability to $35.0 million effective December 31, 2021, with any borrowing availability in excess of that amount to be used to reduce amounts outstanding on the non-revolving term loan and the senior notes.

As a result of this adjustment, the Company now has a syndicated credit facility with an aggregate amount available of $366.8 million, consisting of a $260.0 million revolving credit facility and a $106.8 million non-revolving term loan. The revolving period and next borrowing base redetermination date under the syndicated credit facility remains at May 31, 2022, with the maturity date of both the revolving credit facility and non-revolving term loan being November 30, 2022. At December 31, 2021, the Company had $321.5 million drawn on the facility, prior to the repayment of the senior notes noted below.

Given current commodity prices, the $35.0 million of initial liquidity is adequate to support the operations and capital plans and company expect the liquidity to increase with future repayments of outstanding amounts under the credit facility from internally generated free cash flow. Additionally, the Company made a US$5.7 million repayment on the senior notes as a result of the adjustment, which reduces the Company's outstanding balance of the senior notes to approximately US$37.7 million. The senior notes mature on November 30, 2022.

Since January 1, 2021 company have repaid approximately $85 million of the syndicated credit facility and senior notes. The syndicated credit facility is subject to a semi-annual borrowing base redetermination typically in May and November of each year. Additionally, the Company has a revolving period reconfirmation date on January 17, 2022, whereby, on or prior to such date, the lenders may accelerate the end of the revolving period to February 1, 2022.

In this case, the end date of the term-out period would remain unchanged at November 30, 2022.