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Lightstream Resources' Fahler Well IPs at 12 MMCF/D
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Lightstream Resources Ltd. announces the results of the semi-annual borrowing base re-determination of our secured termed credit facility, resulting in approximately $200 million in available liquidity based on September 30, 2015 debt balances.
Effective November 13, 2015, the borrowing base of our Credit Facility has been reduced to $550 million from $750 million. The Credit Facility currently matures in June 2017 and the single financial covenant limits the ratio of facility borrowing to trailing twelve month EBITDA until June 2016 to 3.75 times, which increases to 4.25 times in the second half of 2016 and decreases to 4.0 times for the first half of 2017. At September 30, 2015, we were in compliance with that covenant with a ratio of 1.0 time.
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