Mach Natural Resources closed a senior secured reserve-based revolving credit facility with a syndicate of 10 banks, including Truist Bank as administrative agent and collateral agent. The new credit facility has an initial borrowing base of $750 million.
Mach used borrowings under the new credit facility — along with proceeds from the company’s recent public equity offering and cash on hand — to repay in full the amounts outstanding under and terminate both the existing term loan credit agreement with Texas Capital Bank as administrative and collateral agent and Chambers Energy Management as the loan commitment arranger, as well as the existing senior secured revolving credit agreement with MidFirst Bank as the administrative agent.
