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Earthstone Energy lines up increase to revolver’s borrowing base
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Earthstone Energy, Inc. arranged an increase to the borrowing base on its senior secured revolving credit facility to $825 million from $650 million, contingent on the closing of the purchase and sale agreement entered into on Dec. 15 with Chisholm Energy Operating, LLC and Chisholm Energy Agent, Inc., according to an 8-K filing with the Securities and Exchange Commission.
The increase also will not take effect if Earthstone has completed a note offering prior to closing of the agreement.
Further, the Dec. 25 amendment to the credit agreement with Wells Fargo Bank, NA as administrative agent provides for the replacement of Libor.
Royal Bank of Canada is a syndication agent. Citizens Bank, NA, KeyBank NA, U.S. Bank NA, Fifth Third Bank, PNC Bank, NA and Bank of America are the documentation agents.
Earthstone is an oil and gas company based in The Woodlands, Tex.
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