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SM Energy Company has reported that the borrowing base under its senior secured revolving credit facility has been increased from $1.8 billion to $2.2 billion, as a result of its lenders’ regularly scheduled semi-annual redetermination.
SM Energy has elected to leave the commitment amount from the bank group unchanged at $1.3 billion. There were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.
Tony Best, CEO, commented, "I am pleased with the increase of our recently redetermined borrowing base to $2.2 billion. The expansion of our borrowing base is a testament to our increasing reserve base."