Magnum Hunter Resources Corp. (NYSE: MHR) said Oct. 6 that it is obtaining two new credit facilities and refinancing its existing revolving credit facility.

One will be a $50 million senior secured first-lien reserve-based revolving credit facility. It will mature four years after closing, the company said. The second will be a $340 million senior secured second-lien term loan, maturing five years after closing, the company added.

Proceeds from the new term loan will repay $256 million in outstanding borrowings under the existing revolving credit facility. They will also pay transaction fees and expenses, fund Marcellus and Utica operations and support general corporate purposes, Magnum Hunter said.

The new facilities are scheduled to close this month, the company said. The new credit facilities will initially increase liquidity by about $115 million, the company noted.

Credit Suisse Securities (USA) LLC and BMO Capital Markets Corp. are joint lead arrangers, the company said.

Houston-based Magnum Hunter Resources Corp. explores and produces oil, natural gas and NGL in North America.