SilverBow Resources details revolver upsizing, extension, amendments

By Marisa Wong

Los Angeles, June 24 – SilverBow Resources, Inc. disclosed details of the amendment to its first amended and restated senior secured credit agreement dated April 19, 2017 in an 8-K filed Friday with the Securities and Exchange Commission.

SilverBow entered into a 10th amendment to the credit agreement on June 22 to extend the maturity date to Oct. 19, 2026; institute an aggregate elected commitment concept; increase the maximum credit amounts to $2 billion from $1 billion; redetermine the borrowing base to $775 million from $525 million; and reduce the interest rate margin.

The applicable margin for term SOFR and daily simple SOFR loans ranges from 275 basis points to 375 bps, depending on utilization.

The commitment fee is 50 bps.

The borrowing base is subject to a limitation on availability pending the closing of SilverBow’s acquisition of Sundance Energy, Inc. and some of its subsidiaries for oil and gas assets in the Eagle Ford formation. The Sundance transaction is expected to close in June or July.

JPMorgan Chase Bank, NA is administrative agent and also a joint lead arranger and joint bookrunner alongside Bank of America, NA, Barclays Bank plc, Canadian Imperial Bank of Commerce, New York Branch, Fifth Third Bank, NA, KeyBank NA, Truist Bank and Mizuho Bank, Ltd.

Capital One, NA, Citibank, NA and PNC Bank, NA are documentation agents.

SilverBow is a Houston-based oil and gas exploration and production company.

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