Rex Energy Corp. (REXX) opened an offer to exchange two series of senior notes for $480 million, in aggregate principal amount, of its new 10.00% senior secured second-lien notes due 2020 and about 10.1 million common shares, the company said Feb. 3.

The outstanding 8.875% notes due 2020 and the 6.250% notes due 2022 are being exchanged. Their aggregate amount is $675 million.

With each offer, consents are being sought from eligible holders regarding proposed amendments to the indentures governing the two series of notes being exchanged. These amendments would eliminate or modify restrictive covenants.

The offer is scheduled to expire on March 3. The early tender deadline is Feb. 17. The settlement date is scheduled for March 3.

The exchange offer and consent solicitation is subject to certain conditions. D.F. King & Co. Inc. is the information agent.

Also, in a Securities and Exchange Commission filing dated Feb. 3, the company lowered its borrowing base to $200 million, down from $350 million. The borrowing base was lowered as part of Rex’s entry, with lenders, into the ninth amendment to its restated and amended credit agreement.

Royal Bank of Canada was the lenders’ administrative agent, the filing said.

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