Magnum Hunter Expands Borrowing Base
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Magnum Hunter Resources Corporation has reported that the Company's conforming borrowing base under its $750 million Senior Bank Facility has been increased by $43.75 million from $306.25 million to $350 million.
Mr. Ronald D. Ormand, Executive Vice President and Chief Financial Officer of Magnum Hunter, commented, "We are pleased to once again announce an increase in our borrowing base as established by our Senior Bank Group. In addition, we now have sufficient liquidity to completely eliminate our non-conforming tranche. This action represents the initial step in our goal to simplify our balance sheet and reduce overall leverage through selected asset monetizations in 2013 while maintaining ample liquidity for our 2013 capital budget plan."
The 14.3% increase in Magnum Hunter's…
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