The borrowing base of RSP Permian LLC’s senior secured revolving credit facility was increased to $950 million through an amended and restated credit agreement, RSP Permian Inc. (NYSE: RSPP) said Dec. 20.
The lenders’ maximum commitments were increased to $2.5 billion from $1 billion.
The $950 million borrowing base only reflects the reserve growth from the company's Midland Basin assets and the recently closed first half of the Silver Hill acquisition.
RSP Permian LLC initially elected a commitment of $900 million.
The maximum of 3x total secured debt-to-trailing 12 months EBITDAX ratio was removed. The maximum of 4.5x total debt-to-trailing 12 months EBITDAX ratio was reduced to 4.25x.
The bank syndicate, co-arranged by JPMorgan Chase Bank NA and Comerica Bank, was expanded from 11 participating banks to 21.
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