Lonestar Resources obtains new, improved $500 million credit facility

By Wendy Van Sickle

Columbus, Ohio, July 28 – Lonestar Resources, Ltd. closed on a new $500 million senior secured credit facility, according to a Thursday company press release.

The facility replaces the company’s previous $400 million facility and includes an expanded borrowing base and improved pricing, the company said.

Lonestar’s new borrowing base is $180 million, up from $150 million.

Lonestar said its pricing grid is an improvement of 25 basis points over its previous grid. Current interest is 2.48%, down from 2.73%.

The new facility was arranged by Citibank, NA. It matures Oct. 16, 2018, seven months beyond the maturity of the previous facility.

At June 30, the company had $76 million drawn on the facility.

Lonestar is a Fort Worth-based oil and gas exploration and production company.

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