Rex Energy announced that its bank group unanimously agreed to increase the company's borrowing base under its revolving credit facility from $80 million to $100 million as part of a regularly scheduled borrowing base review and redetermination. No amendments were made to the terms of the revolving credit facility agreement in connection with the borrowing base redetermination; however the Royal Bank of Canada replaced BNP Paribas as a lender in the bank group and was named Syndication Agent of the revolving credit facility. The bank group is now comprised of KeyBank National Association, 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.; and Allied Irish Bank.
Under the terms of the revolving credit facility, the borrowing base is redetermined by the bank group semi-annually utilizing the banks' estimates of reserves and future oil and gas prices. As of April 23, 2010, no borrowings are outstanding under the revolving credit facility, which will mature on September 28, 2012. The next redetermination of the borrowing base under the revolving credit facility is scheduled for October 2010.
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