Delta Petroleum amends loan, getting forbearance if equity is raised

By Sara Rosenberg

New York, March 2 - Delta Petroleum Corp. amended its senior credit facility to get a forbearance of non-compliance with certain covenants if up to $175 million in equity is raised, according to a news release.

The company intends to launch a convertible preferred stock rights offering to raise the funds.

Proceeds from the rights offering will be used to reduce amounts outstanding under the credit facility, pay other accounts payable and for working capital and general corporate purposes.

Delta is a Denver-based oil and gas exploration and development company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.