Concho closes five-year revolver with $3.25 billion borrowing base

By Susanna Moon

Chicago, May 12 - Concho Resources Inc. said it obtained a five-year revolving credit facility with the borrowing base upsized to $3.25 billion and commitments maintained at $2.5 billion.

The company entered into the new credit facility on May 9, according to an earnings release for the quarter ended March 31.

Pricing was cut by 25 basis points in the drawn spread, and there were further interest rate reductions on the undrawn spread, the release noted.

As of March 31, the company had borrowings outstanding under its credit facility of $294.7 million, and the availability under the credit facility was about $2.2 billion.

Concho is a Midland, Texas-based oil and natural gas company.

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