MD America prepays $100 million of outstanding debt under facility

By Tali Rackner

Norfolk, Va., Jan. 5 – MD America Energy, LLC said it voluntarily prepaid $100 million of debt on its outstanding $525 million facility in December, according to a press release.

The prepayment was supported by 100% consent of its lender group and was arranged through administrative agent Bank of America, NA.

“Recognizing the uncertainty that comes with sub $40 oil prices, we wanted to proactively demonstrate our company’s financial strength and unwavering commitment to good capital stewardship by voluntarily reducing our debt balance prior to year-end,” CEO Eric Waller said in the release.

“This pay down comes ahead of receipt of roughly a $985 million equity infusion from our parent company, Meidu Energy, which we expect in the first quarter of 2016.

“We have consistently told our investors that we do what we say we will do, and I believe our recent actions demonstrate this commitment and differentiate our company. We look forward to growing our company with partners who have helped us prosper.”

MD America is a Fort Worth-based upstream oil and gas company.

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