Delphi Energy extends maturity date of revolver to Nov. 29, 2020

By Angela McDaniels

Tacoma, Wash., July 11 – Delphi Energy Corp. extended the revolving period of its senior credit facility to Nov. 28 and the maturity date to Nov. 29, 2020, according to a company news release.

The extension was made as part of the annual borrowing base redetermination.

The amended credit facility has a borrowing base of C$100 million, which will decrease to C$90 million upon the earlier of Sept. 30 and the completion of the sale of excess Alliance pipeline transportation service for C$11.9 million.

Capital spending until Nov. 30 is limited to C$4 million other than as funded by the issuance of new equity or senior secured notes.

Once the excess Alliance service sale closes, which is expected to occur on or about Sept. 3, Delphi expects to have about C$70 million of bank debt net of working capital.

The company said it is focused on delivering a cash-flow growth model primarily through increased condensate yields while using free cash flow generated in excess of its capital program and non-core asset dispositions to reduce bank debt.

Delphi Energy produces liquids-rich natural gas and is based in Calgary, Alta.

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