Penn Virginia Corporation has announced that it has closed the previously announced sale of its East Texas assets. The net cash proceeds from the sale were approximately US $74 million, including customary closing adjustments.
Pro forma for the East Texas divestiture, at June 30, 2015, the total debt ratio and credit exposure ratio, defined as all outstanding borrowings under the company's revolving credit facility (Revolver) plus any outstanding letters of credit, were 3.6 times and 0.4 times trailing twelve months' pro forma Adjusted EBITDAX, respectively, with US$138 million outstanding under the revolving Revolver and financial liquidity of US$259 million. This compares to total debt and credit exposure ratios of 3.7 times and 0.6 times, respectively, with US$212 million outstanding under the Revolver and financial liquidity of US$215 million as of June 30, 2015.
Adapted from a press release by Louise Mulhall