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Halcon Resources plans to repay, reduce, extend senior secured revolver
By Tali Rackner
Norfolk, Va., April 21 – Halcon Resources Corp. announced it is looking to reduce the borrowing base under its senior secured revolving credit facility to $900 million from $1.05 billion and extend the maturity to Aug. 1, 2019.
It also expects to remove the interest coverage ratio covenant with the institution of a total secured leverage ratio covenant of 2.75 times, according to a press release.
In a separate release, the company said it plans to repay a portion of the outstanding borrowings under the revolver with the proceeds from a new $500 million senior note offering.
The oil and gas acquisition, production, exploration and development company is based in Houston.
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