SunTrust Bank acted as administrative agent on an amendment to Midstates Petroleum’s senior secured credit agreement.
Midstates Petroleum amended its senior secured credit agreement with SunTrust Bank as administrative agent, increasing liquidity by $40 million.
Midstates Petroleum emerged from Chapter 11 after satisfying all of the conditions precedent to its reorganization plan. The new capital structure consists of a $170 million revolver by provided a lender group led by SunTrust Bank as administrative agent.
Midstates Petroleum’s reorganization plan proposed a $170 million first lien exit financing facility to be provided by a lender group led by SunTrust as administrative agent.
The Wall Street Journal examined struggling oil and gas companies that are maxing out revolving credit lines typically used to cover short-term funding gaps, raising fresh concerns about banks’ exposure to the decline in energy prices.
Midstates Petroleum announced today that, as a result of its lenders’ semi-annual review, the borrowing base under its revolving credit facility has been reaffirmed at $252 million.
Midstates Petroleum announced that the borrowing base under its revolving credit facility has been reaffirmed at $252 million.