Sanchez Energy’s lenders have completed their regularly scheduled semi-annual review of the company’s borrowing base. As a result, the borrowing base under the credit facility has been set by the company’s lenders at $350 million. Elected commitments remain unchanged at $300 million, and the company currently has no debt outstanding under the credit facility.
According to related 8-K filing, the company’s elected commitment amount of $300 million remains unchanged. The lender group was led by Royal Bank of Canada as administrative agent.
“We continue to benefit from the support of a strong bank group,” said Tony Sanchez, III, chief executive officer of Sanchez Energy. “Despite today’s more challenging commodity price environment, our borrowing capacity is unchanged as a result of our lenders’ spring borrowing base redetermination, which we believe is a testament to the quality of our asset base, financial discipline, and an active hedging program.”