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 10:30
Pomerantz LLP is investigating claims on behalf of investors of Just Energy Group Inc. ("Just Energy" or the "Company") . Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980. The...

23 aoû 2019
Renaissance Oil Corp. ("Renaissance" or the "Company") reports its second quarter 2019 results. All dollar figures are Canadian dollars, unless otherwise noted. HIGHLIGHTS FOR THE SECOND QUARTER 2019 Revenue and operating netback in the second...

23 aoû 2019
Gencan Capital Inc. Revenues for the nine month period ended June 30, 2019 were $4,526 compared to $322,653 in the comparable 2018 period.  Net Loss for the period was $78,438 compared to $31,143 in the comparable 2018 period.  Loss per share for...

23 aoû 2019
Member of Parliament for Yukon, the Honourable Larry Bagnell, on behalf of Canada's Minister of Natural Resources, the Honourable Amarjeet Sohi, will make a clean energy announcement at Kluane First Nation. A media availability will follow.   Date:...

23 aoû 2019
Investing in cultural and historical infrastructure plays an important role in developing dynamic communities, promoting tourism and preserving Canada's heritage. Today, the Honourable Kent Hehr, Member of Parliament for Calgary Centre, on behalf of...

23 aoû 2019
Cushing® Asset Management, LP, and Swank Capital, LLC, announce today the upcoming rebalancing of The Cushing® Energy Supply Chain Index (the "Index") as part of normal index operations. After the markets close on August 30, 2019, the constituents of...



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