Debt | Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Samson Looks to Cut Debt with Latest Bakken Asset Sale
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Samson Oil and Gas reported that its debt facility required a $10 million reduction on June 30th but, in light of the recently announced pending sale of its North Stockyard asset, that deadline has been extended by the lender to August 31, 2016 to accommodate the closing. The amount owed under the facility will be reduced by $11.5 million from the proceeds of the sale.
The term of the debt facility has been extended to October 2017 with all other elements of the debt facility remaining unchanged, including an interest rate of 6% plus LIBOR (currently at approximately 0.64%). This interest rate is subject to adjustment in the future based on Samson’s debt to EBITDA ratio, which is reviewed on a quarterly basis.
Samson’s borrowing base, following the sale and pay down, will be $19 million (the outstanding amount). Samson’s internally generated proved developed producing reserves value (NPV10) are estimated at $30.9 million, as disclosed on June 28th, 2016. Another borrowing base redetermination will be performed based on Samson’s June 30th, 2016 reserves after that reserves analysis has been completed by Samson’s independent reserve engineers.
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