Finance - Debt
The company closed a senior secured revolving credit facility and a public offering of senior secured notes.
The advance under the credit facility was provided through lender Maximilian Resources LLC, the company said.
The facility will fund the two-well horizontal drilling program in the Big Valley Formation in the Alberta Bakken, the company said.
The net proceeds resulting from the offering will be used to reduce bank indebtedness and for general corporate purposes.
The 7.75% notes are due 2020, the company said.
The borrowing base was increased by $25 million, the company said.
Consol will use the net proceeds to buy back up to $200 million, in principal amount, of its 8.25% notes due 2020.
The oilfield services company received $18 million in debt financing.
The company closed an acquisition and entered an amended credit agreement.
The borrowing base was increased by $65 million, the company said.
The proceeds will refinance the existing credit facility, support general corporate purposes including working capital, and also pay fees and expenses related to the offer and a new credit facility, American Eagle Energy said.
The offer is scheduled to close Aug. 1, the company added.