Finance & Investing | Capital Markets
Diversified Gas & Oil's Credit Line Reaffirmed at $425 Million
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Diversified Gas & Oil's lending group, led by KeyBank National Association, has reaffirmed the existing $425 million borrowing base.
The Bank Group also approved amendments enhancing the Company's hedging capabilities. There were no changes to pricing or covenant terms.
Following the redetermination, DGO's net debt approximates $756 million and current liquidity approximates $213 million, comprised of cash on hand and availability under the Facility.
Rusty Hutson, Jr., CEO of the Company commented, "The reaffirmation of our borrowing base in this challenging environment speaks to the quality of our production, reserves and our strategy that is focused on generating steady positive cash flow to reduce debt and maintain a healthy balance sheet while consistently returning cash to shareholders through the dividend. This redetermination, together with other financings completed this year, demonstrates our ability to access competitive capital against a difficult economic backdrop. I would like to thank our 17-member bank group for their continued support as we remain focused on prudent growth in a market with increasing opportunities for those with an ability to transact and a proven record of successful execution."
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Redetermination/Borrowing base
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