Finance & Investing | Debt | Capital Markets
Stone Energy Draws on Entire Credit Facility; $385 Million
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Stone Energy Corporation announced that it has borrowed $385 million under Stone's Bank Credit Facility, which represents substantially all of the remaining undrawn amount that was available under the Credit Facility.
These funds are intended to be used for general corporate purposes. As of March 10, 2016, following the funding of this borrowing, the aggregate principal amount of borrowings under the Credit Facility was $477 million. This is in addition to approximately $19 million of outstanding letters of credit. The bank borrowings will initially bear an interest rate of approximately 5 percent. On March 10, 2016, the banks provided notice to Stone under the Credit Facility of a request for a borrowing base redetermination. Stone expects that the borrowing base will be reduced to an…
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