Impact: Neutral to slightly negative. The re-determination to $300 mm removes some margin of error for Trilogy and brings total borrowing capacity closer to our net debt estimate exiting 2Q16e, which is not ideal. That being said, our current estimates have Trilogy spending at or below cash flow for the remainder of the year on both FirstEnergy and current forward strip pricing, which should assist with deleveraging efforts moving into 2017e.
17 May 2016
ANNOUNCES AMENDMENTS TO ITS CREDIT FACILITY; BORROWING BASE LOWERED, COVENANTS RELAXED
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ANNOUNCES AMENDMENTS TO ITS CREDIT FACILITY; BORROWING BASE LOWERED, COVENANTS RELAXED
Treatt plc (TET:LON) | 487 -4.9 (-0.2%) | Mkt Cap: 298.1m
- Published:
17 May 2016 -
Author:
Cody R. Kwong -
Pages:
3
Impact: Neutral to slightly negative. The re-determination to $300 mm removes some margin of error for Trilogy and brings total borrowing capacity closer to our net debt estimate exiting 2Q16e, which is not ideal. That being said, our current estimates have Trilogy spending at or below cash flow for the remainder of the year on both FirstEnergy and current forward strip pricing, which should assist with deleveraging efforts moving into 2017e.