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 10:10
Compare-autoinsurance.org has launched a new blog post that explains how drivers can get better insurance deals with the help of online car insurance quotes. For more info and free quotes, please visit...

at 10:00
Leading fintech company Advance Financial continued its expansion with the opening of a new store in Morristown, the 101st location for the company. The new location for Advance Financial, at 178 South Liberty Hill Road, is now open for business 24...

at 10:00
Ford vehicles are well-known for their innovative designs, superb driving characteristics and quality craftsmanship. Also, with their reputation for durability and reliability, Ford vehicles are an excellent option for buying used. Bell Auto, an...

at 10:00
Tech Culture McKinney, the first facility of its kind in the area, opened its doors in late February, backed by the strength of McKinney Economic Development Corporation (MEDC). The vision of the MEDC is to make McKinney the most desirable business...

at 10:00
In the spring of 1894, a community of farmers came together in a barn in White Salmon, Wash. Their vision was simple: to start a fire insurance cooperative that would serve their local community. They called themselves the Washington Fire Relief...

at 09:57
TIU Canada commissioned its second solar energy station today in Mykolyaiv, Ukraine.   The 13.5-megawatt station increases TIU Canada's energy portfolio to 25 megawatts, with more projects planned in the near future.  The station itself is located in...



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