Earthstone raises elected commitments on revolver to $1.4 billion

By William Gullotti

Buffalo, N.Y., April 3 – Earthstone Energy, Inc. amended its senior secured revolving credit facility to increase elected commitments to $1.4 billion from $1.2 billion, according to a press release on Monday.

The company also converted the facility’s $250 million term loan tranche into an elected revolving commitment.

Further, the borrowing base was redetermined at $1.65 billion as a part of the regularly scheduled redetermination.

The maturity date was unchanged by the amendments, remaining June 2027.

As of March 31, the company had approximately $452 million drawn from the facility, a $68 million decrease from the $520 million drawn on Dec. 31, 2022.

The company’s president and chief executive officer said that the company expects “to continue to pay down significant amounts of debt outstanding under our credit facility.”

“The additional debt reduction and this more than 16% increase to our elected commitment amount provide Earthstone with significant financial flexibility and optionality for the future,” he added.

Earthstone is an oil and gas company based in The Woodlands, Tex.

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