Penn Virginia Corp. (NYSE: PVA) announced that it has closed on a new senior secured revolving credit facility.
The new credit facility has a five-year maturity, a $300 million commitment amount, an accordion feature to expand commitment amounts by up to $300 million and an initial $300 million borrowing base, which is $70 million higher than the borrowing base under its previous revolving credit facility.
Currently, PVA has $77 million drawn under the new credit facility, approximately $2 million of letters of credit and approximately $4 million of cash on hand following the recent receipt of a $32 million federal income tax refund. As a result, PVA has cash plus availability under the new credit facility of approximately $225 million.
Wells Fargo Bank N.A. served as the administrative agent, issuing bank and co-lead arranger and RBC Capital Markets LLC served as co-lead arranger.