Delphi Energy expects to get C$80 million revolver by mid-January

By Marisa Wong

Morgantown, W.Va., Dec. 21 – Delphi Energy Corp. said it entered into a term sheet for a new C$80 million senior secured revolving credit facility available until May 31, 2017 with Alberta Treasury Branches as lead of a syndicate that also includes the Bank of Nova Scotia.

Alberta Treasury Branches and Scotiabank have collectively committed to the new credit facility, subject to the finalization of documentation, according to a press release.

Definitive credit agreements are expected to be signed before mid-January, at which point the company’s existing credit facility will be repaid in full and terminated.

As a result of a previously announced strategic transaction, the company’s current C$85 million borrowing base will be reduced by C$5 million. The closing of the transaction has significantly enhanced Delphi’s financial position by enabling it to reduce total leverage while accelerating production and cash flow growth without the immediate need to raise equity, the company said in the release.

Delphi is a Calgary, Alta.-based producer of liquids-rich natural gas.

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