PDC Energy draws down $950 million for Great Western acquisition

By Mary-Katherine Stinson

Lexington, Ky., July 15 – PDC Energy, Inc. borrowed $950 million under its revolving credit facility to finance the previously announced acquisition of Great Western Petroleum, LLC, according to an amended 8-K filing with the Securities and Exchange Commission Thursday.

The transaction closed on May 6 and was previously detailed on the company’s 8-K filing on May 9.

PDC Energy acquired Great Western for $542.5 million in cash and 4,007,018 shares of the company’s common stock.

A portion of the cash consideration was placed into escrow and is subject to certain post-closing adjustments.

PDC is an oil and gas exploration and production company based in Denver. PDC is the listed successor to SRC Energy Inc.

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