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WPX Energy Secures $1.2 Billion Credit Facility

Source: www.gulfoilandgas.com 3/18/2016, Location: North America

WPX Energy has amended and restated its revolving credit facility. WPX received total commitments of $1.2 billion on a senior secured facility, with an initial borrowing base of $1.025 billion. The revolver matures on October 29, 2019.

The amended terms and covenants provide WPX with increased flexibility and full access to the facility. The size of the revolver is based on the previously announced sale of the company's Piceance subsidiary, which is expected to close in early second-quarter 2016.

Kevin Vann, WPX senior vice president and chief financial officer, said, “This facility provides clarity and a validation of the positive financial health of the company. Most importantly, it gives us ample liquidity for a post-Piceance WPX as we prepare to close that asset sale in the second quarter.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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