Whitecap Resources Ups Credit Facilities; Touts Strong Performance
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Whitecap Resources Inc. has reported a 15 percent increase to our credit facilities from $520 million to $600 million.
Based on our mid-year interim reserves review, our lenders have agreed to increase our credit facility 15 percent to $600 million from the previous $520 million . In addition, as part of our $600 million credit facility, our lenders have agreed to term out $200 million of our core debt for five years at an effective interest rate of 5.325 percent maturing on October 2, 2018 . The increase to our credit capacity and our ability to secure $200 million of term debt financing at an attractive long term interest rate provides more predictability to our free cash flow, strengthens our financial flexibility and increases the overall sustainability of our dividend-growth model.
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