Finance & Investing | Capital Markets
SM Energy's Borrowing Base Set at $1.25 Billion
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SM Energy Company announced that the Company and its lenders have amended the senior secured credit facility, which matures in 2019.
Key components of the amendment include: As part of the regular semi-annual redetermination process, the lenders determined the borrowing base and aggregate commitment amount to be $1.25 billion, consistent with the Company’s expectations and previous public statements The financial covenant of a maximum 4.0 times total debt-to-trailing 12 months EBITDAX ratio is removed New financial covenants added include (1) a maximum senior secured debt-to-trailing 12 months EBITDAX ratio of 2.75 times and (2) a minimum trailing 12 months EBITDAX-to-interest ratio of at least 2.0 times The interest rate on the debt is increased 50 basis points to LIBOR plus 175-275…- ✓ Full news archive — U.S., Canada & international coverage
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