Rex announced that its bank group unanimously agreed to increase the company's borrowing base under its senior credit facility from $125 million to $160 million as part of a regularly scheduled borrowing base review and redetermination.
The bank group is comprised of KeyBank N.A., which continues to lead and serve as Administrative Agent of the facility; Royal Bank of Canada; Manufacturers and Traders Trust Company; Capital One, N.A.; Bank of Montreal; Union Bank, N.A.; and Wells Fargo Bank, N.A.
Under the terms of the senior credit facility, the bank group re-determines the borrowing base semi-annually utilizing the banks' estimates of reserves and future oil and gas prices. The $300 million senior credit facility matures in September 2013.
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