World News: 21:45 GMT Tuesday 14th January 2020. [Sundance Energy Inc. via Globe Newswire via SPi World News]
DENVER, Jan. 14, 2020 (GLOBE NEWSWIRE) -- Sundance Energy Inc. (NASDAQ: SNDE) (“Sundance” or the “Company”) today announced that the Company’s bank group has completed its scheduled fall borrowing base redetermination under the Company’s senior secured revolving credit facility, resulting in unanimous approval for a borrowing base increase to $210 million with an elected commitment of $190 million presently available, and an increase in the facility’s maximum credit amount to $500 million. The Company also announced TD Securities as the new administrative agent under the revolving credit facility.
Sundance’s Chief Executive Officer, Eric McCrady, commented “We believe that receiving a significant borrowing base increase under such difficult credit market conditions is a strong vote of confidence from our bank group reflecting the quality of our premier asset base and strong balance sheet, as well as our team’s continued success in delivering outstanding well results. This borrowing base increase, in addition to our pre-existing liquidity, should provide Sundance with a considerable cushion and ability for strategic flexibility as a newly redomiciled US public company.”
Globe Newswire: 21:45 GMT Tuesday 14th January 2020
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