Amplify Energy closes $425 million reserve-based revolving facility

By Sarah Lizee

Olympia, Wash., Nov. 7 – Amplify Energy Corp. and its subsidiaries entered into on Nov. 2 a new $425 million senior secured reserve-based revolving credit facility, according to a press release.

BMO Capital Markets, Bank of America Merrill Lynch, Citibank, Regions Bank and U.S. Bank are the joint lead arrangers, with Bank of Montreal as the administrative agent.

The borrowing base will be redetermined on a semiannual basis with the first redetermination expected on April 1, 2019.

Borrowings will bear interest at Libor plus 200 basis points to 300 bps, which is an improvement of 100 bps from the previous facility, the company said.

The new credit facility has a five-year term to maturity in November 2023.

As of Monday, Amplify had total debt of $294 million under the new facility.

Houston-based Amplify is focused on the acquisition, production and development of oil and natural gas properties in the United States.

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