Finance & Investing | Capital Markets | Private Equity Activity
Memorial Resource Reaffirms Borrowing Base; $1.0 Billion
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Memorial Resource Development Corp. announced that the existing borrowing base under its $2.0 billion multi-year revolving credit facility was reaffirmed by its bank group, comprised of 20 lenders, at $1.0 billion following its fiscal year-end reserves review and regularly scheduled semi-annual redetermination. MRD's revolving credit facility matures in June 2019, and the financial covenants were unchanged.
Regarding MRD's $600 million senior unsecured notes issue due 2022, Standard & Poor's Ratings Services (S&P) recently raised its notes issue rating on MRD's senior unsecured debt to 'B' (same level as the corporate credit rating) from 'B-'. S&P maintained a positive outlook on its B' corporate credit rating on MRD. Moody's Investor Service recently confirmed MRD's existing B2…
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