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Penn Virginia Corp. announced an increase to the Company's borrowing base under its revolving credit facility pursuant to its regularly scheduled fall redetermination.
Upon closing of the merger with Lonestar Resources and subject to the terms of the amendment, Penn Virginia's borrowing base under its revolving credit facility will increase to $600 million with aggregate elected commitments of $400 million.
The Lonestar merger is expected to close in the second half of 2021.
Darrin Henke, President and Chief Executive Officer of Penn Virginia commented, "Penn Virginia greatly appreciates the ongoing support from our lending group, and we are pleased that the banks have supported a borrowing base of $600 million for Penn Virginia. We continue to be excited about our recently announced acquisition of Lonestar. This highly accretive Eagle Ford acquisition is expected to result in substantial increases in Free Cash Flow, drilling inventory and production, and significant synergies, both G&A-related and operational, for the combined company. We believe the confidence shown by our lending group is a testament to the combined company's high-quality asset base and financial strength."
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