U.S. Energy Development Corporation (USEDC), an exploration and production company focused on the development of energy projects for itself and its partners, closed a new $165 million syndicated revolving credit facility led by Citibank. The new facility, which provides USEDC with significant financial flexibility to support its continued growth, has a maximum credit amount of $500 million.
“This new credit facility represents a meaningful step in optimizing our capital structure and positioning USEDC for continued growth,” Brandon Standifird, chief financial officer of U.S. Energy, said. “The commitments from Citibank and our syndicate partners are a testament to our track record of operational excellence and our ability to execute on our strategy in a dynamic energy market.”
The new credit facility will be used to fund development projects, pursue strategic opportunities and enhance operational efficiencies across USEDC’s portfolio.
Citibank led the financing syndicate, with TCBI Securities, U.S. Bank and Washington Federal Bank as joint lead arrangers and bookrunners.
