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Matador Resources' Credit Line Grows by 50% to $1.35 Billion

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   |    Monday,November 22,2021

Matador Resources Co. has closed on a new amended and restated credit agreement.

Under the Credit Agreement signed on November 18, 2021,

  • the maturity date was extended by three years to October 31, 2026, from October 31, 2023 previously, unless accelerated earlier;
  • the borrowing base was increased by 50% to $1.35 billion, as compared to $900 million previously;
  • the elected borrowing commitment was reaffirmed at $700 million; and
  • the maximum facility amount was reaffirmed at $1.5 billion.

Joining Royal Bank of Canada are Truist Bank, Bank of America, The Bank of Nova Scotia, PNC Bank, KeyBank, Comerica Bank, U.S. Bank, Iberiabank (First Horizon Bank), Amegy Bank and Cathay Bank as the lenders under the Credit Agreement

Joseph Wm. Foran, Matador's Chairman and CEO, commented, "We are pleased today to announce the closing of our new Credit Agreement extending the maturity date to October 31, 2026. We are particularly pleased by the 50% increase in our borrowing base to $1.35 billion, as compared to $900 million previously, which we believe reflects the confidence of our lenders in the increasing value and quality of Matador's oil and natural gas reserves and our growing financial strength. We greatly value the relationships with our lenders and are grateful for their continued support over many years, which has made a difference in our business. We are also excited today to welcome KeyBank, U.S. Bank and Amegy Bank to our bank group going forward."

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