U.S. Energy Completes Corporate Refinancing With $165M Loan Led by Citibank

U.S. Energy Development Corporation, a sponsor of energy-related investment programs, announced the closing of a new $165 million syndicated revolving credit facility led by Citibank N.A. The loan, which provides USEDC with significant financial flexibility, 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, chief financial officer of USEDC.

Headquartered in the Dallas-Fort Worth metro area, the company said the loan will be used to fund development projects, pursue strategic opportunities, and enhance operational efficiencies across USEDC’s portfolio.

Founded in 1980, USEDC is a privately held exploration and production firm. It 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.

“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,” added Standifird.

Citibank N.A. led the financing syndicate, with TCBI Securities Inc., U.S. Bank National Association, and Washington Federal Bank as joint lead arrangers and bookrunners.

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