Independent Bank led the banking group for PHX Minerals, a natural gas and oil mineral company, in completing the regularly scheduled semi-annual redetermination of the company’s senior secured credit facility and reaffirmed the existing $50 million borrowing base with no changes to pricing, covenants or other material terms. In addition, the maturity date of the credit facility was extended from Sept. 1, 2025, to Sept. 1, 2028.
“The reaffirmation of our borrowing base demonstrates the quality and resiliency of our assets and our financial strength,” Chad Stephens, president and CEO of PHX Minerals, said. “We value our relationship with the bank lending group and are appreciative of their continued support and confidence in PHX.”
According to an 8K filed with the SEC, Independent Bank is the administrative agent and L/C issuer for the facility.
