Finance & Investing | Capital Markets
PDC's Borrowing Base Reaffirmed at $700 Million
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PDC Energy, Inc. reported that the borrowing base on its revolving credit facility has been re-affirmed at $700 million and that the Company has elected to keep its commitment level at $450 million.
Also today, as previously announced, the Company settled its "3.25% Convertible Senior Notes due 2016". The Company paid the principal balance plus cash for fractional shares totaling $115,000,534, utilizing proceeds from its March 2016 equity offering. Additionally, the Company issued 792,406 shares of common stock for the premium in excess of the conversion price of $42.40 per share.
Chief Financial Officer Gysle Shellum stated, "We fully appreciate the support of our bank group in re-affirming our borrowing base, especially considering current commodity prices. Additionally, our recent…
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