Penn Virginia repays credit facility with released escrow from notes

Chicago, Oct. 7 – Penn Virginia Corp. announced that it has terminated its credit agreement as the proceeds from a July offering of notes have now been released from escrow, according to an 8-K filing with the Securities and Exchange Commission.

There was $145 million outstanding on the Sept. 29, 2017 second-lien facility as of June 30.

Absent termination, it would have matured on Sept. 29, 2024.

The interest rate was Libor plus 825 basis points.

Penn Virginia is a Houston-based independent oil and gas exploration and production company. Due to its now completed acquisition of Lonestar Resources US Inc., the company plans to rename the combined company Ranger Oil Corp. starting Oct. 18.

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