Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Paydowns > Headlines for Altona Energy plc > News item |
Sanchez Energy to repay $95 million of revolver via note offering
By Tali Rackner
Minneapolis, Feb. 6 – Sanchez Energy Corp. plans to repay about $95 million in total borrowings under its restricted subsidiaries’ revolving credit facility using the net proceeds from a new note offering, according to a press release.
Proceeds from the $400 million senior secured first-lien notes due 2023 will also be used to pay accrued interest and fees for the revolver, as well as for general corporate purposes.
In connection with the closing of the proposed offering, Sanchez Energy said it intends to amend and restate its credit facility to, among other things:
• Reduce the size to $25 million primarily for letters of credit and working capital from the current $350 million borrowing base with a $300 million aggregate commitment amount;
• Extend the maturity to 2023 from 2019;
• Remove all material financial maintenance covenants; and
• Provide for the continued ability to hedge.
Sanchez Energy is an oil and natural gas exploration and production company based in Houston.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.