Canacol Energy Ltd. announced that it has closed its previously announced upsizing of its existing senior secured term loan with a syndicate of banks led by Credit Suisse as lead arranger, sole bookrunner and administrative agent, and including Banco Davivienda, Bladex, Corpbanca, Export Development Canada (EDC), and Citi as Mandated Lead Arrangers, and Banco de Occidente and the Industrial and Commercial Bank of China (ICBC) as arrangers.

The revised term loan resulted in the upsizing of the previous term loan by $80 million, from $140 million to $220 million, with no changes to the term of the loan or the repayment schedule. Interest is payable quarterly and principal repayable in 15 equal quarterly instalments starting in October 2014. The revised term loan carries interest at LIBOR plus 4.50-5.00% and is secured by all of the material assets of the Corporation. Proceeds from the upsizing will be used for capital expenditures in Colombia, costs of the transaction, and for general corporate purposes.

Canacol is an exploration and production company with operations focused in Colombia and Ecuador.