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Bonanza Creek Energy Inc. reported that the lenders under its senior secured credit facility have concluded their semi-annual redetermination, resulting in an increase in the borrowing base to $375 million from $350 million.
While the bank syndicate fully subscribed to the new borrowing base, the Company chose to hold the aggregate elected commitments at $350 million. As of March 31, 2019, the Company had $65 million drawn on the facility and held approximately $33 million in cash.
Eric Greager, Chief Executive Officer, commented, "We are pleased with the outcome of our spring redetermination and appreciate the support of our bank group. We are committed to maintaining a strong balance sheet, disciplined execution, and increasing shareholder value."
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