SM Energy Co. (NYSE: SM) has increased the borrowing base under its senior secured revolving credit facility from $1.8 billion to $2.2 billion.
The increase comes as a result of its lenders’ regularly scheduled semi-annual redetermination. SM Energy has elected to leave the commitment amount from the bank group unchanged at $1.3 billion. There were no other changes to the terms of the credit facility resulting from this borrowing base redetermination.
“I am pleased with the increase of our recently redetermined borrowing base to $2.2 billion. The expansion of our borrowing base is a testament to our increasing reserve base,” Tony Best, CEO, said in the release.
SM Energy Co. is an independent energy company engaged in the acquisition, exploration, exploitation, development, and production of crude oil, natural gas, and NGLs in North America. The company is headquartered in Denver.