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Sundance Energy Inc. reported that its lending group gave its approval for a borrowing base increase to $210 million with an elected commitment of $190 million presently available, and an increase in the facility's maximum credit amount to $500 million.
The Company also announced TD Securities as the new administrative agent under the revolving credit facility.
Details include:
- Maximum Credit Amount increase from $250 million to $500 million
- Borrowing Base increase of ~24% from $170 million to $210 million, with a $190 million elected commitment presently available
- Revision of maximum leverage ratio to 3.5 to 1.0, and revision of minimum interest rate coverage ratio to 1.5 to 1.0.
Sundance's Chief Executive Officer, Eric McCrady, commented "We believe that receiving a significant borrowing base increase under such difficult credit market conditions is a strong vote of confidence from our bank group reflecting the quality of our premier asset base and strong balance sheet, as well as our team's continued success in delivering outstanding well results. This borrowing base increase, in addition to our pre-existing liquidity, should provide Sundance with a considerable cushion and ability for strategic flexibility as a newly redomiciled US public company."
Related Categories :
Borrowing Base Increase
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