U.S. Energy Development Corporation Completes Corporate Refinancing with $165 Million Syndicated Revolving Credit Facility led by Citibank, N.A.
Summary
The new syndicated facility provides USEDC with an additional source of capital to support its continued growth.FORT WORTH, Texas, Feb. 13, 2025 /PRNewswire/ -- U.S. Energy Development Corporation ("USEDC"), an exploration and production company focused on the development of energy projects for itself and its partners, today announced successful closing of a new $165 million syndicated revolving credit facility led by Citibank, N.A. The new facility, which provides USEDC with significant financial flexibility to support its continued growth, has a maximum credit amount of $500 million. "This new credit facility represents a meaningful step in optimizing our capital structure and positioning USEDC for continued growth," said Brandon Standifird, CFO of U.S. Energy. "The commitments from Citibank and our syndicate partners are a testament to our track record of operational excellence and our ability to execute on our strategy in a dynamic energy market. Headquartered in the Dallas-Fort Worth metro area, USEDC has invested in, operated, and/or drilled approximately 4,000 wells in 13 states and Canada and deployed more than $2 billion on behalf of itself and its partners.