Rex Energy Sees $85MM Boost to Credit Facility
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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…
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