Rex Energy announced it has entered into an amended and restated credit agreement to expand its borrowing base under the company’s senior secured credit facility from $240 million to $325 million. In addition, the company said it has extended the maturity of the senior secured credit facility from September 2015 to March 2018.
Commitments by the bank group under the facility were raised from $240 million to $300 million, a 25% increase. The $300 million commitment level can be increased to $325 million at the company’s request for additional bank commitments. Under the terms of the amended and restated credit agreement, the bank group re-determines the borrowing base semi-annually utilizing the bank’s estimates of reserves and future oil and gas prices.
Rex said the bank group is comprised of KeyBank, which continues to lead and serve as administrative agent of the facility; Royal Bank of Canada, SunTrust Bank, Bank of Montreal, Capital One, Manufacturers and Traders Trust Company, Wells Fargo Bank, U.S. Bank and Union Bank.