Finance - Debt
The next redetermination is scheduled to occur before March 31, 2015, PetroQuest said.
Its initial maturity date is Sept. 26, 2018, the company said.
A 'transformative series of transactions' includes 'agreements with several undisclosed buyers to sell the majority of its Powder River Basin acreage.'
It replaced the $5 million facility, the company added.
The borrowing base was increased by 75%, to $35 million, the company said.
The offer is scheduled to close Sept. 12, the company added.
The offer is expected to close on Sept. 12, Sanchez noted.
The notes are due 2022, the company said.
The capacity could be increased to $700 million, the company said.
The five-year facility provides up to $100 million in initial borrowing capacity.
The borrowing base was increased to $450 million from $385 million, the company said.
Arabella entered the facility with a New York-based investor, the company said.
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