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MD America Energy, LLC, formerly known as Woodbine Acquisition Corp., announced today that it has voluntarily prepaid $100 million of principal on its outstanding $525 million facility, leaving its current debt balance at $425 million.
The prepayment was supported by 100% consent of its lender group and was arranged through Bank of America, N.A., which is the Administrative Agent for the Company's credit facility.
MDAE's CEO, Eric Waller, stated "Recognizing the uncertainty that comes with sub $40 oil prices, we wanted to proactively demonstrate our Company's financial strength and unwavering commitment to good capital stewardship by voluntarily reducing our debt balance prior to year-end. This pay down comes ahead of receipt of roughly a $985 million equity infusion from our parent company, Meidu Energy, which we expect in the first quarter of 2016. We have consistently told our investors that we do what we say we will do, and I believe our recent actions demonstrate this commitment and differentiate our Company.
We look forward to growing our Company with partners who have helped us prosper. We have high expectations for MDAE in 2016 and beyond, where we believe we will have generational opportunities to further grow our Company. We will continue to deliver remarkable results and have fun doing it."
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