Bill Barrett announced that its semi-annual borrowing base review has been completed with the bank group by reaffirming the $375 million borrowing base related to its revolving credit facility maturing in April 2020. The credit facility has $375 million of commitments and there are currently no borrowings under the credit facility.

According to a related 8-K filing, the bank group was led by JPMorgan Chase as administrative agent for the lenders.

As part of the redetermination process, the company and its lender group agreed to amend the maintenance covenants in the revolving credit facility by replacing the leverage covenant limiting the maximum total debt to trailing twelve month EBITDAX ratio of 4.0x with a covenant limiting the maximum senior secured debt to trailing twelve month EBITDAX ratio of 2.5x through March 31, 2018, after which, the leverage covenant reverts to a maximum total debt to trailing twelve month EBITDAX of 4.0x, as of June 30, 2018.

In addition, an interest coverage ratio requirement was included, pursuant to which the ratio of EBITDAX to interest expense may not be less than 2.5 to 1.0 for each quarter through March 31, 2018.

The company also announced that it has entered into a definitive agreement to sell certain non-core Uinta Basin properties for after-tax cash proceeds of approximately $27 million. The transaction is expected to close on or before November 30, 2015, with an effective date of September 1, 2015, and is subject to customary closing conditions and post-closing purchase price adjustments.