Penn Virginia entered into an agreement to amend its September 12, 2016 credit facility. Wells Fargo served as administrative agent for the transaction.
Penn Virginia closed the acquisition of Eagle Ford assets from Devon Energy for $205 million in cash. Jefferies Finance was the administrative agent, collateral agent and sole lead arranger for the term loan financing to support the transaction.
Penn Virginia acquired Eagle Ford assets located primarily in Lavaca County, TX for $205 million in cash from Devon Energy and $150 million of committed debut under the company’s credit facility administered by Wells Fargo.
Penn Virginia filed for relief under Chapter 11. Its RBL lenders have committed $25 million in DIP financing and $128 million in exit financing, led by Wells Fargo as agent.
Penn Virginia has reached agreement on an amendment with the lenders under its reserve-based financing facility. According to an 8-K filing, Wells Fargo served as administrative agent for the transaction.
Penn Virginia’s bank group approved an increase in the company’s credit facility to $500 million. The 12-bank syndicate was led by Wells Fargo Bank, which serves as administrative agent.