From Pennsylvania-based Rex Energy Corp:
Rex Energy Corporation has entered into an amended and restated credit agreement to expand its borrowing base under the company's senior secured credit facility from $240 million to $325 million.
In addition, the company has extended the maturity of the senior secured credit facility from September 2015 to March 2018. Commitments by the bank group under the facility were raised from $240 million to $300 million, a 25% increase. The $300 million commitment level can be increased to $325 million at the company's request for additional bank commitments. Under the terms of the amended and restated credit agreement, the bank group re-determines the borrowing base semi-annually utilizing the bank's estimates of reserves and future oil and gas prices.
"We are very pleased to announce the increase in our borrowing base to $325 million, the highest level in the history of Rex Energy," commented Tom Stabley, Rex Energy's Chief Executive Officer. "We appreciate the confidence and support of our bank group. The increased borrowing base improves upon our already strong liquidity position and further enhances our ability to execute on our business plan."
The bank group is comprised of KeyBank N.A., which continues to lead and serve as Administrative Agent of the facility; Royal Bank of Canada; SunTrust Bank; Bank of Montreal; Capital One, N.A.; Manufacturers and Traders Trust Company; Wells Fargo Bank, N.A.; U.S. Bank National Associates; and Union Bank, N.A.
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