Swift Energy amended its senior secured credit facility, increasing the borrowing base by 32% to $330 million and extgending the maturity to April 2022.

According to a related 8-K filing, JPMorgan Chase was administrative agent, sole lead arranger and sole bookrunner. Compass Bank and SunTrust Bank were syndication agents. Bank of Texas, Canadian Imperial Bank of Commerce, New York Branch and Fifth Third Bank were documentation agents. The syndicate consists of 11 banks, including six new lenders. As of March 31, 2017, approximately $172 million was drawn on the company’s facility.

G. Gleeson Van Riet, CFO, commented, “We have significantly expanded our borrowing base as a result of strong operational execution combined with sharp financial discipline and a diligent hedging program. This redetermination marks another significant next step in the company’s evolution, and I would like to thank our banks for their support. The $80 million increase in our facility is a testament to our assets and people, and it provides significant liquidity for us to execute on our growth strategy.”

The borrowing base is subject to semi-annual redeterminations with the first one scheduled in the fourth quarter 2017.

The revolving facility matures April 19, 2022. The maximum credit amount under the facility is currently $600 million with an initial borrowing base of $330 million.

The company may also request the issuance of letters of credit under the credit agreement in an aggregate amount up to $25 million, which reduce the amount of available borrowings under the borrowing base in the amount of such issued and outstanding letters of credit.

The obligations under the credit agreement are secured, subject to certain exceptions, by a first priority lien on substantially all assets of the company and certain of its subsidiaries, including a first priority lien on properties attributed with at least 85% of estimated proved reserves of the company and its subsidiaries.

Swift Energy, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties in the Eagle Ford trend of South Texas.