FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


Royal Bank of Canada Agents $1.5B Credit Facilty for Matador Resources

November 19, 2021, 08:00 AM
Filed Under: Energy

Matador Resources closed a new amended and restated credit agreement. The Credit Agreement, which is dated November 18, 2021 and is more formally described as the Fourth Amended and Restated Credit Agreement, amends and restates that certain Third Amended and Restated Credit Agreement dated as of September 28, 2012 among MRC Energy Company, a wholly-owned subsidiary of the Company ("MRC"), as borrower; various lenders as individual parties thereto; Royal Bank of Canada, as administrative agent to the agreement; and Matador Resources as a guarantor.

Under the Credit Agreement signed on November 18, 2021,

  • the maturity date was extended by three years to October 31, 2026, from October 31, 2023 previously, unless accelerated earlier;
  • the borrowing base was increased by 50% to $1.35 billion, as compared to $900 million previously;
  • the elected borrowing commitment was reaffirmed at $700 million; and
  • the maximum facility amount was reaffirmed at $1.5 billion.

Additional financial terms and covenants under the Credit Agreement are included in the Form 8-K that will be filed with the U.S. Securities and Exchange Commission.

Joining Royal Bank of Canada are Truist Bank, Bank of America, The Bank of Nova Scotia, PNC Bank, KeyBank, Comerica Bank, U.S. Bank, Iberiabank (First Horizon Bank), Amegy Bank and Cathay Bank as the lenders under the Credit Agreement

Joseph Wm. Foran, Matador’s Chairman and CEO, commented, "We are pleased today to announce the closing of our new Credit Agreement extending the maturity date to October 31, 2026. We are particularly pleased by the 50% increase in our borrowing base to $1.35 billion, as compared to $900 million previously, which we believe reflects the confidence of our lenders in the increasing value and quality of Matador’s oil and natural gas reserves and our growing financial strength. We greatly value the relationships with our lenders and are grateful for their continued support over many years, which has made a difference in our business. We are also excited today to welcome KeyBank, U.S. Bank and Amegy Bank to our bank group going forward."

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.