Finance & Investing | Debt | Fundraising | Capital Markets
Niobrara E&P Draws Majority of Funds from Credit Facility; $209MM
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Bonanza Creek Energy, Inc. has elected to draw down $209 million on its credit facility, and currently has an aggregate of $300 million of borrowings, including a $12 million letter of credit, under the facility.
As of March 9, 2016, the Company had $235 million of cash on its balance sheet after taking the recent draw into account. The Company also restructured its hedge book, eliminating in-the-money 3-way collar contracts in favor of crude oil hedges with a combination of in-the-money floor and above market fixed price contracts for the period April through December of 2016.
Richard Carty, President and Chief Executive Officer, commented, "Our recent election to draw down $209 million on our revolver was a risk management decision structured to mitigate exposure to capital market…
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