HighPoint Resources entered into a new amended and restated credit agreement for its revolving credit facility, extending the maturity date by more than three years to 2023 and increasing the borrowing base and commitments by 67% to $500 million. The increase in the borrowing base is a result of the greater value of the Northeast Wattenberg assets due to ongoing development and reflects the contribution from the Hereford Field assets. The company currently has no amounts drawn on the facility.
The bank syndicate was arranged by JPMorgan Chase Bank and included 11 participating lenders.
Bill Crawford, chief financial officer, commented, “We are pleased to announce the closing of our amended and restated credit facility, which resulted in a substantial increase to our borrowing base and reflects the value of our premium asset base. We appreciate the support from both our longstanding and new commercial banking relationships as this expanded facility provides further financial flexibility and helps support our future growth plans.”
Denver-based HighPoint Resources focuses on the development of oil and natural gas assets located in the Denver-Julesburg Basin of Colorado.
