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Oil and natural gas company Mid-Con Energy Partners LP (NasdaqGS:MCEP) said on Tuesday that it has completed its new spring 2016 borrowing base redetermination of a USD53m permitted overadvance and a USD110m conforming tranche with immediate effect.
Mid-Con Energy Partners concludes spring 2016 borrowing base redetermination
Beyond asset-based loans that are predicated entirely on the value of a company's assets lies the possibility for an "overadvance" or "senior stretch" loan.
Seeking financing? consider asset-based loans: two bankers explain why, when the economy is down, asset-based lending is up. (Financing for Growth: Special Section)
Wall Street was willing to provide warehouse and overadvance lines to new entrants such as Irvine, California-based BNC Mortgage, Inc., and Irvine, California-based One Stop Mortgage, Inc., which did not have institutional equity investors.
Smart Capital
The proceeds from the sale will allow us to significantly reduce our senior debt and eliminate the overadvance, and will facilitate a refinancing of the secured lenders.
MSI: TERRAILLON SALE TO HELP PAY DOWN DEBT
Indeed, in the middle of August, Salton received an amendment to its senior credit facility that provided it with additional borrowing capacity, extended the date for the termination of the facility and extended the date on which the company has to repay its outstanding overadvances on the facility.
Salton, Applica try, try again: deal is on
Several have been known to put overadvances or risk money into a deal beyond formula.
Recessionary trends fail to dent growth; Phenomenal rise: Innovative deals drive boom in corporate financing Liz Whitfield looks at the inspirational new funding options open to growing companies
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