Synergy Resources Corp. (NYSE MKT: SYRG) increased the borrowing base of its credit facility to $110 million, the company said June 5.
The credit facility, which has $300 million, had its maturity date extended to June 2019 from November 2016, the company added.
The facility’s interest rate is 2.5%, Synergy said.
Community Banks of Colorado led a bank syndicate that included Amegy Bank N.A., Key Bank N.A., SunTrust Bank and Colorado Business Bank, according to company CFO Monty Jennings.
“The expansion of the borrowing base provides $73 million of additional liquidity to Synergy as we develop our Wattenberg assets with horizontal drilling and as we expand our footprint in the greater Wattenberg area through leasing and acquisition activities," Jennings added.
Platteville, Colo.-based Synergy Resources Corp. operates in the Denver-Julesburg Basin.
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