The lenders for Sanchez Energy Corp. (SN) reduced the borrowing base under the $1.5 billion first-lien revolving credit facility to $500 million, down from $550 million, the company said Nov. 19.
The $300 million commitment is unchanged, and the base is not drawn.
Gleeson Van Riet, CFO, said that there is more than $450 million in liquidity alongside the facility. The company will fund the 2016 capex program through cash on hand and cash flow from operations, he added.
Sanchez Energy Corp. is based in Houston.
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