Range Resources extended its $4 billion revolving credit facility for five years with a syndicate of 27 banks led by JPMorgan as administrative agent.

The agreement maintains existing borrowing costs and structure, including the option to release all collateral upon the receipt of a single investment grade rating. The maturity of the facility was extended to April 13, 2023.

According to a related 8-K filing, the credit agreement is initially a senior secured reserve based revolving credit facility with an aggregate maximum principal amount of $4 billion, a borrowing base of $3 billion and total lender commitments of $2 billion.

JPMorgan, Merrill Lynch and RBC Capital Markets were joint lead arrangers.

“The credit facility renewal and five-year extension was significantly over-subscribed, demonstrating the quality of Range’s assets and confidence in the company’s creditworthiness. The credit facility provides committed long-term liquidity from a highly diversified group of experienced energy lenders,” said Roger S. Manny, Range’s executive vice president and CFO.

Range Resources is a U.S. independent natural gas, NGL and oil producer with operations focused in stacked-pay projects in the Appalachian Basin and North Louisiana.