Given challenging market conditions, Delphi’s bank line is being reduced and replaced with what we assume will be higher cost debt. In the event the senior notes offering does not close by the end of June then the Company will be in default of its senior credit facility. The Company is looking to issue $40 mm of senior secured notes, effectively terming out some of its debt structure, while the Company’s bank line will be
reduced by ~35% to $85 mm leaving a limited amount financial flexibility ....
02 Jun 2016
Delphi Energy Announces Notes Offering, Reduction to Bank Line
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Delphi Energy Announces Notes Offering, Reduction to Bank Line
Delphi Energy (DEE:TSE) | 0 0 -1.1% | Mkt Cap: 167.0m
- Published:
02 Jun 2016 -
Author:
Michael Hearn -
Pages:
5
Given challenging market conditions, Delphi’s bank line is being reduced and replaced with what we assume will be higher cost debt. In the event the senior notes offering does not close by the end of June then the Company will be in default of its senior credit facility. The Company is looking to issue $40 mm of senior secured notes, effectively terming out some of its debt structure, while the Company’s bank line will be
reduced by ~35% to $85 mm leaving a limited amount financial flexibility ....