St. Mary announced the re-determination of the borrowing base on its existing credit facility.
On March 17, 2010, the bank group for St. Mary's existing credit facility voted during its regularly scheduled re-determination process to maintain the borrowing base at $900 million. The borrowing base considers the impact of the aforementioned divestitures of non-core properties in the Rocky Mountain region. The commitment amount remained at $678 million and there were no other changes to the terms of the credit facility as part of this borrowing base re-determination.
Proceeds from the disclosed divestitures were used to repay amounts outstanding under the credit facility. As previously announced, St. Mary's 2010 capital plan of $725 million was budgeted to be funded with cash flow from operations and proceeds from the divestitures referred to above. Accordingly, the Company plans to borrow under its credit facility later in 2010.
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