Delphi Energy extends maturity date of revolver to May 29, 2021

By Sarah Lizee

Olympia, Wash., Nov. 4 – Delphi Energy Corp. extended the revolving period of its senior credit facility to May 28, 2020 and the maturity date to May 29, 2021, according to a company news release.

The extension was made as part of the semiannual borrowing base redetermination. The borrowing base was renewed at C$80 million.

The extension and borrowing base renewal are conditioned on completion of a recapitalization transaction. If the recapitalization transaction isn’t completed by Dec. 13, the company’s next scheduled borrowing base redetermination will be on Dec. 13. The company said it expects the transaction to be completed by Nov. 26.

Completion of this semiannual borrowing base redetermination satisfies one of the conditions to the support by Luminus Management, LLC, on behalf of its pooled investment vehicles, of the company’s previously announced recapitalization transaction entered into between the company and Luminus on Sept. 23.

The facility was led by Alberta Treasury Branches.

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

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