- Alpine Summit Energy Partners (ALPS.U) has expanded its asset-backed securitization of certain producing oil and gas wells
- The company is increasing the facility by US$55 million to a total size of $135 million
- The facility has additional capacity to expand up to $150 million in total
- Alpine Summit Energy Partners, Inc. is a U.S.-based company that develops oil and gas assets
- Alpine Summit Energy Partners Inc. opened trading at $5.20 per share
Alpine Summit Energy Partners (ALPS.U) has expanded its asset-backed securitization of certain producing oil and gas wells.
The company is increasing the facility by US$55 million to a total size of $135 million. The facility has additional capacity to expand up to $150 million in total.
The facility is secured by working interests in a subset of Alpine Summit’s producing assets, which are held by an affiliate of its operating subsidiary, HB2 Origination, LLC, and charges interest at LIBOR + 8.00 per cent.
The company intends to use proceeds from the facility for continued development activities, working capital, and general corporate purposes.
“This expanded credit facility will provide additional capital resources as the company continues to pursue attractive growth opportunities,” said Chris Nilan, Senior Managing Director.
“We are pleased with the calibre of our capital partners and their ongoing support as we continue to execute our business plan,” he added.
Alpine Summit Energy Partners, Inc. is a U.S.-based company that operates and develops oil and gas assets.
Alpine Summit Energy Partners Inc. opened trading at $5.20 per share.