Sundance Energy Inc. Announces Increase in Borrowing Base to $210 Million
January 14, 2020 at 04:45 pm EST
Sundance Energy Inc. 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.