Finance & Investing | Capital Markets | Private Equity Activity
Templar Energy Reaffirms $625MM Borrowing Base
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Templar Energy LLC announced today that effective April 1, 2015, the Company's borrowing base under its revolving credit facility is reaffirmed at $625 million. In addition, effective March 6, 2015, the Company amended its five-year revolving credit facility, originally entered into on November 25, 2013. The amendment revised the net leverage ratio covenant for the remainder of the term of the facility.
David D. Le Norman, President and Chief Executive Officer, commented: "Our lender group has recognized our high quality asset base, significant reserve growth, and disciplined approach to the development of the assets. We appreciate the continued support. Templar has moved quickly to react to the changes in the marketplace. The renegotiation of our covenant, coupled with the reaffirmation of the borrowing base, has positioned the company to successfully navigate the current environment. We have improved our financial flexibility while maintaining ample liquidity for the foreseeable future. The focus for 2015 will continue to be efficient utilization of our capital and strengthening our balance sheet."