Financial Trouble | Capital Markets | Credit Facility Change
Panhandle's Credit Cut Over 50% to $32MM; Current Debt of $28MM
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Panhandle Oil & Gas has reported changes to its revolving credit facility by its lenders.
The amended facility reduces the Company's borrowing base to $32 million effective June 24, 2020 - this is down 54% from $70 million previously.
The next regularly scheduled borrowing base redetermination is expected to occur in December 2020.
As of June 23, 2020, Panhandle had net debt of $27.7 million comprised of $30 million of debt outstanding and $2.3 million of cash on hand.
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