SilverBow Resources Inc. has received bank approval to amend its senior secured revolving credit facility to extend the maturity of the Credit Facility to October 2026, increase the borrowing base from $525 million to $775 million (48%), and reduce the interest rate margin for amounts outstanding, amongst other things, in connection with SilverBow's two recent strategic acquisitions including the oil and gas assets of SandPoint Operating, LLC.
The amended Credit Facility and borrowing base increase will go into effect with the closing the Company's previously announced acquisition of substantially all of the oil and gas assets from Sundance Energy, Inc. and certain affiliated entities, (collectively, "Sundance").
Sean Woolverton, SilverBow's Chief Executive Officer, commented, "Today's announcement is a testament to the quality and breadth of our asset base. SilverBow's legacy assets coupled with the acquisitions we have closed over the past year and expect to close soon have transformed the Company into a premier South Texas operator with increasing scale. I would like to thank our bank syndicate for their support. Their confidence in SilverBow is displayed with the step up of approximately 50% in our borrowing base as well as the extension of the tenor of our Credit Facility. With a meaningful free cash flow profile, substantial liquidity, and a deep inventory of drilling locations, SilverBow is well positioned to effectuate our growth strategy through both the drill bit and accretive acquisitions."
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