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Penn West Petroleum Renews Bank Facility

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May 6, 2014

Penn West Petroleum Ltd. (TO: PWT.TO) said that it renewed its unsecured revolving bank facility on May 6.

The borrowing capacity was lowered to $1.7 billion, down from $3 billion, the company added. The long-term plan’s requirement of less credit capacity drove the reduction, Penn West noted.

The facility has two tranches, one scheduled to mature May 6, 2019 and the other on June 30, 2016, the company said. The second tranche provided a $500 million borrowing limit, Penn West noted. It should be canceled after the company completes an ...

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