A syndicate of lenders approved increases to the borrowing base and credit facilities of Bellatrix Exploration Ltd. (NYSE MKT: BXE, TO: BXE.TO), the company said May 26.
The Calgary, Alberta-based company had its borrowing base and credit facilities increased 25% to C$625 million from $500 million, it noted. This increase was due to strong 2013 drilling results, as well as strong drilling results in this year’s first-quarter, Bellatrix said. Also, the acquisition of Calgary-based Angle Energy Inc. provided “benefits” for reserves and production growth, the company noted.
The increased credit facilities will finance capex, working capital and general corporate purposes, Bellatrix said.
Additionally, the lenders conditionally approved changes to the facilities' terms. The facilities are now three-year, fully revolving until maturity and annually extendable, Bellatrix said.
The lenders were led by National Bank Financial, which was sole lead arranger and also a book-runner, the company said. National Bank of Canada was the administrative agent, Bellatrix added.
Bellatrix Exploration Ltd. operates in western Canada’s Sedimentary Basin.
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