Finance & Investing | Fundraising | Capital Markets
Rex's Borrowing Base Reaffirmed; What to Expect In 2016
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Rex Energy Corporation announced that its bank group has reaffirmed the existing $350 million borrowing base under the company's senior secured credit facility.
Under the terms of the 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. In addition, the bank group approved an amendment to the credit agreement which, among other things, allows the company to repurchase up to $25 million of Rex Energy common stock or senior unsecured notes, subject to certain terms and conditions.
Tom Stabley, Rex Energy's President and Chief Executive Officer, said: "We appreciate the support of our bank group as we continue to navigate through the challenging price environment. Preserving our liquidity and…
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