Battalion Oil Secures Strategic Refinancing to Accelerate Permian Growth

The new capital not only allows for a complete repayment of Battalion Oil’s previous credit facility, but also provides ample liquidity to accelerate the development of its Monument Draw asset in the Delaware Basin, CEO Richard Little says.

Hart Energy Staff

Battalion Oil Corp. said it strengthened its liquidity position with a strategic refinancing for a new term loan enabling the Houston-based oil producer to accelerate development of its Monument Draw asset in the Delaware Basin of the Permian.

“Coming off a strong quarter, we are pleased to announce a strategic refinancing,” commented Battalion CEO Richard Little in a company release on Nov. 29 before adding: “This new capital not only allows for a complete repayment of our previous credit facility, but also provides ample liquidity to accelerate the development of our Monument Draw asset.”

According to the company release, Battalion closed an agreement with a group of lenders for a new first lien delayed draw term loan facility for up to $235 million bearing interest of LIBOR plus 7.00% on drawn amounts.

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