Bonanza Creek Energy draws $209 million under credit facility

By Tali Rackner

Norfolk, Va., March 10 – Bonanza Creek Energy, Inc. drew $209 million on its credit facility, according to a press release.

The borrowings are to be used for general corporate purposes.

The company currently has an aggregate of $300 million of borrowings, including a $12 million letter of credit, under the facility.

As of Thursday, Bonanza Creek had $235 million of cash on its balance sheet after taking the recent draw into account.

The company also restructured its hedge book, eliminating in-the-money three-way collar contracts in favor of crude oil hedges with a combination of in-the-money floor and above-market fixed-price contracts for the period of April through December 2016.

The oil and natural gas company is based in Denver.

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