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Southwestern Energy Co. reported that its borrowing base was reaffirmed at $1.8 billion during its fall semi-annual redetermination.
Additionally, upon the close of the Montage Resources acquisition, the Company’s borrowing base and bank commitments will increase to $2.0 billion, with asset coverage exceeding the Company’s borrowing base level.
CEO Bill Way commented: “The recent supportive actions by our bank group in this challenging market are further evidence of our financial strength and the positive reception of our acquisition of Montage Resources. We sincerely value the strong relationships with our bank group and appreciate the confidence that the participating banks demonstrated in us throughout the process with their increased commitments.
“Our existing deep inventory of premium, Tier 1 locations in Appalachia supplemented by the high-quality assets of Montage, provide us with expanded asset coverage above our borrowing base. The acquisition and associated capital market transactions further enhance the financial resilience of Southwestern Energy and solidify our path to meaningful free cash flow generation and debt reduction while delivering differentiated shareholder value."
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