Private Equity | Capital Markets | Credit Facility Change
Riley Permian's Borrowing Base Increased 14% to $200MM
Email
Print 
Bookmark
Riley Exploration Permian, Inc. has completed an amendment to its senior secured revolving credit facility.
Credit Facility Amendment Highlights:
- Extended the facility maturity from September 2023 to April 2026
- Increased the borrowing base by 14% from $175 million to $200 million
- Rebalanced allocations among six lenders in the syndicate
- Relaxed minimum hedging requirements to allow for more discretionary hedging decisions when the Company is less levered
As of April 29, 2022, the Company had $63MM drawn on the credit facility with $137MM of availability.
The amended Credit Facility now includes hedging requirements that are based on both facility utilization as well as the Company's leverage ratio, reducing minimum thresholds required when utilization and leverage are reduced. At the current level, the Company is required to have in place commodity hedges covering 25% of forecasted PDP production volumes for a period of 24 months forward, down from a requirement of 50% of forecasted PDP volumes under the prior Credit Facility agreement.
The management team and board of directors of Riley Permian extend their gratitude to the banking syndicate partners for their continued support.
Related Categories :
Borrowing Base Increase
More Borrowing Base Increase News
-
Earthstone Energy's Credit Line Increased 21% to $1.7B
-
Silverbow's Borrowing Base Increased 48% to $775 Million
-
Northern Oil's Borrowing Base Raised Over 50% to $1.3 Billion
-
Earthstone's Credit Line Increased 6% to $1.4 Billion
-
Ranger Oil's Credit Line Increased 20% to $875 Million
Permian News >>>
-
Seventeen (17) E&Ps; To Use 47 Frac Crews To Complete 2,800 Wells In 2024
-
These Permian Operators Plan to Complete/Frac 2,100 Wells IN 2024
-
Large E&P Chops Permian/Anadarko Basin Frac Activity by 30% In 2024
-
Permian E&P Ups 2024 Well Completed by +27% vs. 2023
-
Contrary to The Noise, U.S. Oil Production will Likely Growth 4-5% In 2024; A look Inside -
