Independence Contract Drilling amended its existing senior secured revolving credit facility and modified covenants to improve the company’s financial flexibility.

According to a related 8-K filing, CIT Finance served as administrative agent, collateral agent, sole lead arranger, sole bookrunner and syndication agent. Capital One Business Credit was documentation agent.

Material components of the credit facility amendment include relaxing of the leverage and utilization covenants and freezing of advance rates in 2016 for purposes of calculating the borrowing base under the facility.

Pursuant to the amendment, aggregate commitments under the credit facility reduce to $85 million while the credit facility continues to provide for an uncommitted $25 million accordion feature that permits the company to increase commitments in the future.

As of March 31, 2016, the company had net debt of approximately $55.3 million and had an estimated borrowing base under the credit facility, pro forma for the amendment and related matters, of $86.1 million.