RSP Permian entered into an amended and restated credit agreement, increasing maximum commitments to $2.5 billion.

The amended agreement also increased the borrowing base to $950 million and extended the maturity date of the facility to December 19, 2021.

JPMorgan Chase and Comerica Bank were co-arrangers for the bank syndicate, which was expanded from 11 banks to 21 participating banks.

The $950 million borrowing base only reflects the reserve growth from the company’s Midland Basin assets and the recently closed first-half of its Silver Hill acquisition.

Changes in key financial covenants include: the maximum of 3.0 times total secured debt-to-trailing 12 months EBITDAX ratio was removed; and the maximum of 4.5 times total debt-to-trailing 12 months EBITDAX ratio was reduced to 4.25 times total debt-to-trailing 12 months EBITDAX.

Steve Gray, chief executive officer of RSP, said, “We are pleased to announce the successful closing of our amended and restated credit facility, which resulted in a substantial increase to our borrowing base. We appreciate the strong support from both our longstanding and new commercial banking relationships. This expanded facility will increase our financial flexibility and support our plan to accelerate our pace of development in 2017.”

RSP is an independent oil and natural gas company focused on the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas.