Debt | Financial Trouble | Capital Markets
Marcellus/GOM Operator To Default In March 2016
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Stone energy discussed its debt problems during Q4-2015 update.
The company current has $1.1 billion in debt.
At December 31, 2015, Stone had cash on hand of $10.8 million and $480.8 million available for borrowing under its bank credit facility, based on a borrowing base of $500 million and outstanding letters of credit outstanding of $19.2 million. As of February 22, 2016, we had cash on hand of approximately $23 million and approximately $50 million drawn on the bank credit facility. Including the $19.2 million of letters of credit outstanding, there is approximately $431 million available for borrowing as of February 22, 2016. The borrowing base was affirmed at$500 million in October 2015 and is scheduled to be redetermined by May 2016. We are expecting a borrowing base reduction…
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