Resolute Energy has closed the sale of its Gardendale assets in the Midland Basin of West Texas for a price of $177.5million.
The proceeds of the sale will be used to repay $95million under the company’s revolving credit facility.
The company said in connection with the sale, the borrowing base under the company’s revolving credit facility has been reduced by $20million to $145million.
The remainder of the net proceeds of the sale will be used in a combination of cash held on the company’s balance sheet and repayment of a portion of the amounts outstanding under the company’s second lien term loan.
Petrie Partners, LLC and BMO Capital Markets acted as financial advisors to Resolute on the Gardendale asset sale transaction.
Recommended for you
