Approach amends credit agreement to allow $400 million notes issuance

By Marisa Wong

Madison, Wis., Nov. 21 - Approach Resources Inc. entered into a 14th amendment to its credit agreement dated Jan. 18, 2008 with JPMorgan Chase Bank, NA as administrative agent and lender, according to an 8-K filing with the Securities and Exchange Commisison.

The amendment, effective as of Nov. 16, increases the limit on the company's permitted debt, in the form of senior notes, to $400 million from $200 million.

The amendment also eliminates the borrowing base reduction associated with the issuance of senior unsecured notes for notes issued before Oct. 1, 2013.

Approach also added subsidiaries Approach Services, LLC and Approach Midstream Holdings LLC as guarantors under the credit agreement.

Approach Resources is a Fort Worth, Texas-based independent energy company.

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