Halcon cuts revolver borrowing base to $240 million, edits covenants

By Sarah Lizee

Olympia, Wash., Nov. 27 – Halcon Resources Corp. amended its senior secured revolving credit agreement on Nov. 21 with Bank of Montreal as administrative agent, reducing the borrowing base to $240 million until the first redetermination date, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also amended the limit of the total net debt leverage ratio to not exceed 2.25 to 1.00 and the limit of the ratio of consolidated total net debt as of the last day of each fiscal quarter, starting with the fiscal quarter ending March 31, 2020, to EBITDAX to not be greater than 3.5 to 1.0.

Halcon is a Houston-based independent energy company.

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