Le Lézard
Classified in: Oil industry, Business
Subject: FNC

CrownRock, L.P. Announces New Credit Agreement with Extended Maturity Date, Increased Borrowing Base and Commitment Size, and Decreased Interest Margins


MIDLAND, Texas, Feb. 11, 2019 /PRNewswire/ -- CrownRock, L.P. ("CrownRock" or the "Partnership") announced today that it has entered into an amended and restated credit agreement with respect to the senior secured revolving credit facility (the "Facility").  The agreement extends the maturity date of the Facility until February 8, 2024, increases the borrowing base by 19% to $850 million and increases the maximum commitments of the lenders from $1 billion to $2 billion.  Additionally, the interest rate margins on borrowings under the Facility decreased by 100 basis points.  The increase in the borrowing base amount reflects the significant reserve growth from the Partnership's existing Midland Basin assets.

CrownRock has initially elected an aggregate commitment amount of $600 million, an increase of $100 million from the previous elected commitment amount.  The Facility is led by JPMorgan Chase Bank, N.A., as Administrative Agent, and co-arranged by JPMorgan Chase Bank, N.A., BMO Capital Markets Corp., Capital One, National Association, Citibank, N.A., MUFG Union Bank, N.A., PNC Bank, National Association, TD Securities (USA) LLC and Wells Fargo Securities LLC.  The bank syndicate includes three new lending institutions for a total of 16 participating banks.  CrownRock currently has no outstanding borrowings under the Facility.

CrownRock has pledged substantially all of its producing oil and natural gas properties to secure the repayment of indebtedness under the revolving credit facility.

About CrownRock, L.P.

CrownRock is an independent oil and natural gas company headquartered in Midland, Texas engaged in the acquisition, development, exploitation and exploration of oil and natural gas properties. The Company's assets are located in Texas, New Mexico and Utah, and its operations are primarily focused on the development of its core Permian Basin assets.

Curt F. Kamradt, CPA, CGMA
VP -- Finance & Chief Accounting Officer
CrownQuest Operating, LLC
Direct Ph.: 432-818-0344
E-mail: ckamradt@crownquest.com

 

SOURCE CrownRock, L.P.


These press releases may also interest you

at 17:38
With talks of a potential government shutdown, U.S. Eagle Federal Credit Union stands ready to assist. During the December, 2018 to January, 2019 furlough, U.S. Eagle assisted over 600 New Mexico families with over $600,000 in short-term,...

at 17:30
Today, Clear Blue Technologies International Inc. ("Clear Blue" or "the Company") announced that it has received its largest single order to date for its Smart Solar Off-Grid system, for an amount which exceeds $1.2 million CAD.  Clear Blue will...

at 17:30
Contango ORE, Inc. ("CORE" or the "Company") announced today the results of the 2019 Exploration Program for Peak Gold, LLC (the "Peak Gold" or "Joint Venture"), a joint venture between the Company's wholly owned subsidiary CORE Alaska, LLC ("CORE...

at 17:30
Jennie-O Turkey Store has partnered with Minnesota Vikings wide receiver Adam Thielen; his wife, Caitlin; and the Thielen Foundation to provide 1,000 turkeys to Minnesota families in need this Thanksgiving season. The donation is being made through...

at 17:30
Retail Properties of America, Inc.  announced today that Shake Shack has signed a new lease at its Circle East redevelopment project located in Towson, MD. Shake Shack will be located in a 3,200 square foot space on Circle East's prominent corner, on...

at 17:26
xD Bio Inc., a privately held, Montana-based company announced today that the National Human Genome Research Institute (NHGRI), part of the National Institutes of Health (NIH), has awarded the company $149,959 over 6 months for the first phase of a...



News published on 11 february 2019 at 17:47 and distributed by: