Lenders to Delphi Energy Corp. (TO: DEE.TO) increased the size of its senior credit facility after an annual review, raising the amount to CA$170 million—a $30 million increase—the company said March 31.
National Bank of Canada, Bank of Nova Scotia and Alberta Treasury branches reviewed Delphi Energy’s senior credit facility, the company said.
The increased amount became effective March 31 and all other terms of the credit facility were unchanged, Delphi Energy said, but noted that a debenture, increased to $300 million, was provided as a security to the lenders.
In total, Delphi Energy’s credit capacity, including the subordinated debt facility, is now $190 million, the company said.
At the end of first-quarter 2014, the ratio of net debt to first-quarter funds from operations was estimated to be between 2.1:1 and 2.3:1, the company said, noting that the forecast year-end 2014 net debt should be between $143 million and $150 million.
The growth in credit capacity, coupled with strong commodity prices, was forecast to fully fund the year’s capital program, the company added.
Calgary, Alberta-based Delphi Energy Corp. explores, develops and produces oil and natural gas in western Canada.
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