Bonanza Creek Energy Inc.
Description
Announced Dec. 10 that the company entered into a new $750 million reserve-based credit facility with an initial $350 million borrowing base due December 2023. The new facility replaces the company’s previous borrowing base of $191.7 million and is subject to semi-annual redeterminations, with the next redetermination scheduled for the second quarter of 2019. J.P Morgan leads the new facility and is joined by a syndicate of eleven other banks, including seven new lenders. As of September 30, 2018, the company had $24 million of cash on hand and no outstanding borrowings.