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Sundance Energy Inc. Announces Increase in Borrowing Base to $210 Million
January 14, 2020
Source: Globe Newswire
Sundance Energy Inc. (NASDAQ: SNDE) (“Sundance” or the “Company”) today announced that the Company’s bank group has completed its scheduled fall borrowing base redetermination under the Company’s senior secured revolving credit facility, resulting in unanimous approval for a borrowing base increase to $210 million with an elected commitment of $190 million presently available, and an increase in the facility’s maximum credit amount to $500 million. The Company also announced TD Securities as the new administrative agent under the revolving credit facility.
Fall 2019 Redetermination Highlights Include:
Maximum Credit Amount increase from $250 million to $500 million.
Borrowing Base increase of ~24% from $170 million to $210 million, with a $190 million elected commitment presently available.
Revision of maximum leverage ratio to 3.5 to 1.0, and revision of minimum interest rate coverage ratio to 1.5 to 1.0.
Appointment of TD Securities as Administrative Agent.
Sundance’s Chief Executive Officer, Eric McCrady, commented “We believe that receiving a significant borrowing base increase under such difficult credit market conditions is a strong vote of confidence from our bank group reflecting the quality of our premier asset base and strong balance sheet, as well as our team’s continued success in delivering outstanding well results. This borrowing base increase, in addition to our pre-existing liquidity, should provide Sundance with a considerable cushion and ability for strategic flexibility as a newly redomiciled US public company.”
About Sundance Energy Inc.
Sundance Energy Inc. (“Sundance” or the “Company”) is an independent energy exploration company located in Denver, Colorado. The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford. A comprehensive overview of the Company can be found on Sundance’s website at www.sundanceenergy.net
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