Fundare Resources Company entered into a credit agreement among Fundare Redtail and a syndicate of lenders led by BOK Financial as administrative agent. KeyBanc Capital Markets served as joint lead arranger and UMB Bank served as syndication agent.
The credit agreement provides for a reserve-based revolving facility in an aggregate original commitment amount of $500 million with an initial borrowing base of $120 million that will be redetermined semi-annually. The credit facility will be used to refinance existing indebtedness, to fund future development of the borrower’s oil and gas properties and for other corporate development opportunities and general corporate purposes.
“The closing of our new credit facility marks a significant step in the Company’s evolution,” Cody Truitt, president and CEO of Fundare, said. “We are excited to accelerate development of the Fundare Redtail assets. We’ve recently received approval from the COGCC to drill and complete an eight well pad in Weld County and expect to expand development activities in the spring. I would like to thank Cibolo Energy Partners for their support in making the acquisition of Retail in the fall of 2021 possible, and to also thank our new bank group for its support to grow the business.”
Holland & Hart acted as legal counsel to Fundare and Baker Botts acted as legal counsel to BOK Financial.
