05:12 PM EST, 12/18/2024 (MT Newswires) -- PrairieSky Royalty ( PREKF ) on Wednesday said it voluntarily cut its unsecured credit facility to $350 million from $725 million to maintain its balance sheet.

The Western Canadian oil and gas royalty company said the facility can be increased to $600 million, subject to lender approval. It also removed sustainability-linked performance and pricing mechanisms, while leaving all other covenants in place.

PrairieSky said it had drawn $102.5 million from the facility at the end of the third quarter.

The company's shares closed down $0.53 to $27.52 on the Toronto Stock Exchange.