Sanchez Energy completed the spring redetermination of its revolving credit facility, and its lenders approved an increase in the borrowing base from $330 million to $380 million.
According to a related 8-K filing, JPMorgan served as administrative agent on the transaction.
The lending group also approved a 75 basis point decrease in the credit spread used to determine the cost of borrowings, along with more flexible hedging terms and other positive modifications. The current outstanding principal balance under the unsub revolving credit facility is approximately $168 million.
“We would like to thank the 16 lenders in the unsub bank group for their strong and continuing support,” said Tony Sanchez, III, CEO of Sanchez Energy. “In our view, the 15% increase in the unsub borrowing base reflects the high-quality asset base at Comanche and the early value we have created through our development program.”
Sanchez Energy is an independent exploration and production company focused on the acquisition and development of U.S. onshore unconventional oil and natural gas resources, with a current focus on the Eagle Ford Shale.
