Halcon Resources restates revolver with $140 million borrowing base

By Marisa Wong

Morgantown, W.Va., Sept. 7 – Halcon Resources Corp. said it entered into an amended and restated senior secured revolving credit agreement with a $140 million borrowing base on Thursday.

The next borrowing base redetermination is scheduled for the spring of 2018, according to a press release.

As of June 30, the company’s liquidity was about $700 million pro forma for the sale of its Williston Basin assets, the closing of some non-core asset sales, the upcoming redemption of all of its 12% second-lien notes due 2022, the assumed tender of 50% of its 6¾% senior notes due 2025 for purchase under an offer launched Thursday and the assumed exercise of its option on the northern portion of its Monument Draw acreage.

This liquidity is based on $567 million of pro forma cash on hand, after paying down all revolving credit facility borrowings, plus available borrowings under the undrawn senior secured revolving credit facility.

Halcon is a Houston-based independent energy company focused on onshore oil and natural gas exploration.

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