Capital Markets | Credit Facility Change
Earthstone's Credit Line Increased 6% to $1.4 Billion
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Earthstone Energy Inc. has entered into an amendment to the Company's senior secured revolving credit facility, extending the maturity of the Credit Facility to June 2027, increasing the Borrowing Base from $1.325 billion to $1.4 billion and reducing the interest rate for amounts outstanding, amongst other things. Elected commitments under the Credit Facility remain at $800 million.
Robert J. Anderson, Earthstone's President and Chief Executive Officer, commented, "Our lending group has been a critical part of providing funding for the six acquisitions we have consummated in the past year and a half, and we are greatly appreciative of their ongoing support. Our liquidity under the Credit Facility is strong and we continue to expect to pay down significant amounts outstanding under our Credit Facility for the remainder of 2022. With the extension of the tenor of our Credit Facility, we have no debt maturities until 2027, providing Earthstone with continued financial flexibility as we continue to pursue consolidation opportunities in the Permian Basin."
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