Rob was wrong he didn't consider what was already drawn., they had 122 million drawn, then base reduced to 150 miilion, then they use the 100 in new debt to retire 100m of the credit line so liquidity is 129 m left unused on 150m credit line and 49 million raised in secondary.
December 31, 2014, we had a $230.0 million borrowing base with $121.0 million in outstanding borrowings. Pursuant to the terms of the Senior Credit Facility, borrowing base redeterminations occur on a semi-annual basis on April 1 and October 1. We were in compliance with existing covenants under the Senior Credit Facility at December 31, 2014.
The Thirteenth Amendment to our Senior Credit Facility, which became effective on February 26, 2015, includes the following key elements:
reduces our borrowing base to $200 million on February 26, 2015; on the earlier of April 1, 2015 or the funding of the $100 million second lien senior secured notes, our borrowing base will be reduced to $150 million;the next redetermination of our borrowing base will occur on October 1, 2015; extends the maturity date of the Senior Credit Facility to February 24, 2017; eliminates our current Total Debt to EBITDAX covenant and replaces it with a Maximum Secured Debt to EBITDAX covenant of 2.50x. Maximum Secured Debt is defined as first and second lien debt only; and
revises our Minimum Interest Coverage Ratio to 2.00x.
On February 26, 2015 we entered into a definitive agreement to issue an aggregate principal amount of $100 million of second lien senior secured notes that will mature in 2018. The proceeds of the note issuance will be used to pay down the amount drawn on our Senior Credit Facility.
The proceeds of the note issuance will be used to pay down the amount drawn on our Senior Credit Facility.
go ahead and check all my posts over the years. EVEP, LINE, MEMP, EROC, BBEP, ETP, GDP, BBG, etc etc I'm an oil man have a look at my research record, I merely state what is a fact. Truth above all else over hope or negativity. I bet you have no understanding of how oil finance works or what is involved in the actual discovery to production.
Its junks like you who ruin the boards for intelligent discourse.
I created the JJ1962 because I couldn't access my old acct for a few days.