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SM Energy Company has announced that the borrowing base under its senior secured revolving credit facility increased to $2.4 billion, from its previous borrowing base of $2.2 billion following its lenders’ regularly scheduled semi-annual redetermination.
The increase in the borrowing base is largely due to the increase in the Company’s mid-year proved developed reserves. SM Energy has elected to leave the aggregate commitment amount from the bank group unchanged at $1.3 billion. The redetermination was made under the terms of the existing facility and there were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.