EDIT Announces Renewal of Credit Facility and Purchases Under the Normal Course Issuer Bid
CALGARY, ALBERTA--(Marketwire - Feb. 26, 2009) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA.
EnerVest Diversified Income Trust (TSX:EIT.UN) ("EnerVest" or "the Fund"), announces the following:
On February 25, 2009 EnerVest renewed its credit facility (the "Facility") for a further 364 days. The syndicate continues to be led by CIBC with continued participation by Bank of Montreal and new syndicate members, TD Bank Financial Group, ATB Financial and National Bank of Canada.
"We were very encouraged by the high level of interest by the syndicate and look forward to working closely with all our financial partners" stated Jacob Roorda, President and CEO of EnerVest. "We made the decision to reduce the commitment amount to $200 million, with the option to increase the Facility to the previous level of $300 million, on syndicate approval, should market conditions improve. We believe that this Facility will help us maintain the financial strength, flexibility and sustainability of the Fund. We will continue to make prudent use of the Facility to make opportunistic purchases in the market, leverage Fund returns and utilize our Normal Course Issuer Bid program" concluded Mr. Roorda.
Normal Course Issuer Bid
The Fund has actively utilized its normal course issuer bid during the period from January 1 to February 20, 2009 and has repurchased 2,706,500 units at an average trading price of $3.26 per unit.
EnerVest Diversified Income Trust is Canada's largest and most liquid closed-end investment fund. Listed on the Toronto Stock Exchange under the symbol EIT.UN, the Fund is an actively managed diversified portfolio of income securities.
Certain statements included in this news release constitute forward-looking statements. The forward-looking statements are not historical facts but reflect EnerVest Management Ltd.'s and its affiliates (the "Administrator") current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although the Administrator believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Administrator undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.