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Bank of Montreal Agents $150MM Revolver for Resolute Energy

February 24, 2017, 07:13 AM
Filed Under: Oil & Gas

Resolute Energy Corporation closed on its amended and restated revolving credit facility, with an initial borrowing base of $150 million, an increase from the previous level of $105 million. In addition, the maturity date of the facility was extended to February 2021, and certain other terms and conditions were modified, including those to reflect the fact that the Company extinguished its second lien term loan facility in January 2017. Bank of Montreal is the Administrative Agent under the new revolving credit facility. As of the date of this release we have no borrowings outstanding on the revolving credit facility.

Rick Betz, Resolute’s Chief Executive Officer, commented: “On February 17, 2017, we closed a new revolving credit facility with an initial borrowing base of $150 million. Coupled with our projected cash flow, we expect that this credit facility and borrowing base will provide ample liquidity to undertake and complete our two rig 2017 Delaware Basin drilling program. Also, effective today, Moody’s Investors Service upgraded Resolute’s Corporate Family Rating to B3 from Caa2, with a stable outlook.


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