Delphi Energy increases senior credit facility to C$170 million

By Tali Rackner

Norfolk, Va., March 31 - Delphi Energy Corp. increased its senior credit facility by C$30 million to C$170 million, according to a company news release.

The increase to the credit facility was effective on Monday with a semiannual review scheduled for the fall. All other terms of the credit facility remained constant other than the debenture provided to the lenders as security, which has been increased to C$300 million.

The review incorporated the company's Dec. 31 reserves engineering report evaluated by GLJ Petroleum Consultants Ltd., adjusted for the lenders' outlook on commodity prices, and also took into consideration current production and the positive results of the winter drilling program, the release said.

Including the C$20 million subordinated debt facility, Delphi's total credit capacity has been increased to C$190 million. At the end of the first quarter, the net debt to first quarter funds from operations (annualized) ratio is estimated to be between 2.1 to 1 and 2.3 to 1.

Delphi is a Calgary, Alta-based oil and natural gas company.

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