Finance & Investing | Fundraising | Capital Markets
Triangle Petroleum Borrowing Base Reaffirmed at $350MM
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Triangle Petroleum Corporation announced that Triangle USA Petroleum Corporation's ("TUSA's") lenders recently completed their October 2015 semi-annual redetermination and the borrowing base under its senior credit facility was reaffirmed at $350.0 million. No terms of the credit facility were amended during this process.
Following this redetermination, Triangle had approximately $293 million of total liquidity (+2% QoQ) at the end of the third quarter of fiscal year 2016 (three month period endedOctober 31, 2015; "Q3 FY 2016"). This included approximately $36 million of cash on hand and $161 million and $96 million of respective available borrowing capacity on the TUSA and RockPile Energy Services ("RockPile") senior credit facilities.
Since July 31, 2015, TUSA and RockPile have reduced…
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