Rex Energy Corp. (NASDAQ: REXX) closed an agreement with a lending group for a new, $300 million first-lien delayed-draw term loan maturing in April 2021, the company said May 1.

Initial borrowings of about $144 million were used to repay all outstanding loans and obligations under the previous senior secured credit facility, pay fees and expenses associated with the term loan, and place about $19.3 million of cash on the balance sheet.

The new facility also includes about $46.5 million for outstanding undrawn letters of credit, the company said.

There will be about $110 million of additional capacity under the term loan after the outstanding facility borrowings are paid, the press release said. The $110 million will support core asset development and general corporate purposes.

Angelo, Gordon & Co. led the lending group. Jones Day was Rex Energy’s legal adviser, and Simpson Thacher & Bartlett LLP was the legal adviser to the lending group.

Tom Stabley, president and CEO, said the transaction supports Rex Energy's two-year development plan in the Appalachian Basin.

Rex Energy Corp. is based in State College, Pa.