Sanchez Energy and certain of its subsidiaries have voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas.
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.
Sanchez Energy and funds managed by Blackstone Energy Partners entered a strategic 50/50 partnership and agreed to acquire Anadarko Petroleum’s working interest in the Western Eagle Ford for approximately $2.3 billion.
Sanchez Energy’s lenders have completed their regularly scheduled semi-annual review of the company’s borrowing base and the company has maintained its borrowing capacity of $300 million.
Sanchez Energy amended the terms under its $1.5 billion first lien revolver, which allows for the incurrence of second lien debt not to exceed $400 million. Royal Bank of Canada led the lender group as administrative agent.
Sanchez Energy announced the borrowing base under its revolving credit facility was changed from $550 million to $500 million. Royal Bank of Canada served as administrative agent.
Sanchez Energy announced its lending group increased its first lien revolver from $175 million to $300 million. Royal Bank of Canada acted as administrative agent.
Sanchez Energy said it received commitments from its lending group to increase its available borrowing base under its first lien revolver from $27.5 million to $95 million.