Finance & Investing | Fundraising | Capital Markets
Panhandle's Borrowing Base Set at $120 Million
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Panhandle Oil and Gas Inc. announced that its bank group, per the normal mid-year cycle timing, has set the borrowing base under its credit agreement at $120 million.
The current outstanding balance under the facility is approximately $67 million, which is a reduction of $11 million from the balance due at fiscal year-end September 30, 2014. The facility matures on November 30, 2018. All covenants and terms of the loan agreement remained unchanged.
Michael C. Coffman, President and CEO, said, "We appreciate the continuing support of our bank group. The liquidity available to Panhandle from the credit agreement along with our monthly cash flow from operations position the Company to continue to focus on our core long-term strategies."
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