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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.
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.
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.
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.
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.