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Jones Energy's credit facility has been reduced from $50 million to $25 million.
Other changes include:
- Aligned the covenants contained in the credit agreement with those contained in the indenture governing the Company's 9.25% senior secured first lien notes.
- Eliminated all financial maintenance covenants and amended certain other provisions of the credit agreement as set forth in the amendment. This includes removing the requirement of the Company to meet financial covenants, including the current ratio and leverage ratio tests.
In connection with the amendment, the Company has repaid all outstanding borrowings under the credit agreement.
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Borrowing Base Cut
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