Synergy Resources sees borrowing base reduction, deletes Libor floor

By Angela McDaniels

Tacoma, Wash., Feb. 2 – Synergy Resources Corp.’s credit agreement was amended on Thursday to decrease the borrowing base to $145 million from $163 million and make other changes, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing base redetermination had been scheduled for Dec. 15 but was postponed to Jan. 15 under a consent and waiver granted Dec. 11.

Thursday’s amendment also deleted the 2.5% minimum interest rate floor, deleted the minimum liquidity covenant, added a current ratio covenant of 1 to 1 and deleted the minimum hedging requirement.

SunTrust Bank is administrative agent.

Synergy is a Platteville, Colo.-based oil and natural gas exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.