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Troubled Sabine's Borrowing Base Slashed By $250MM
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Sabine Oil & Gas Corporation announced that, effective as of April 27, 2015, the borrowing base under its revolving credit facility has been decreased from $1 billion to $750 million as part of the Company's regularly scheduled semi-annual redetermination by its lenders.
The decrease in the borrowing base has resulted in a deficiency of approximately $250 million, which must be repaid in six monthly installments of approximately $41.54 million with the first payment being due at the end of May.
Additionally, the Company continues to work with the lenders under its revolving credit facility to address the existing default under the facility before the end of the grace period on May 8, 2015. As previously announced, Sabine has retained financial advisors Lazard and legal advisors Kirkland &…
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