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.
Recommended Reading
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Daniel Berenbaum Joins Bloom Energy as CFO
2024-04-17 - Berenbaum succeeds CFO Greg Cameron, who is staying with Bloom until mid-May to facilitate the transition.
Equinor Releases Overview of Share Buyback Program
2024-04-17 - Equinor said the maximum shares to be repurchased is 16.8 million, of which up to 7.4 million shares can be acquired until May 15 and up to 9.4 million shares until Jan. 15, 2025 — the program’s end date.