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Jericho Oil's borrowing base was increased to USD$12 million following East West Bancorp's regularly scheduled semi-annual redetermination process.
There were no other material changes to the terms of the credit facility resulting from this borrowing base redetermination.
Jericho, in conjunction with its private family partner, entered into a $30 million credit facility with East West in July 2016. The Facility bears interest at a rate of WSJ Prime plus 75 basis points and is payable monthly.
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