PDC Energy Inc.'s borrowing base on its revolving credit facility has been reaffirmed at $700 million. The company has elected to keep its commitment level at $450 million.
Also today, as previously announced, the company settled its "3.25% Convertible Senior Notes due 2016." The company paid the principal balance plus cash for fractional shares totaling $115,000,534, utilizing proceeds from its March 2016 equity offering. Additionally, the company issued 792,406 shares of common stock for the premium in excess of the conversion price of $42.40 per share.
"We fully appreciate the support of our bank group in re-affirming our borrowing base, especially considering current commodity prices. Additionally, our recent equity offering allowed us to fund the cash portion of our matured convertible senior notes, thereby reducing debt while maintaining cash for general corporate purposes," said PDC Energy CFO Gysle Shellum.
PDC Energy Inc. is a domestic independent exploration and production company that produces, develops, acquires and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado and in the Utica Shale in southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field and the condensate and wet gas portion of the Utica Shale play.