Roan Resources, Inc. Amends Credit Facility and Increases Borrowing Base by $250 Million
Roan Resources, Inc. (OTCQB: ROAN) (“Roan” or the “Company”) today
announced that it completed its Fall 2018 Borrowing Base redetermination
process for its Credit Facility, maturing in September of 2022. All
participating lenders consented to a Borrowing Base increase to $675
million, from $425 million. Additionally, the lender group agreed to
amend the pricing grid to a LIBOR spread of 200 to 300 basis points,
which is lower by 25 basis points. Also amended were certain reductions
to fees relating to undrawn amounts.
“Completing the fall redetermination process is another step
highlighting our execution on our 2018 objectives and provides
visibility to funding the 2019 development program,” said Tony Maranto,
Chairman and Chief Executive Officer. “The Borrowing Base has increased
substantially from the $200 million level at the origination of the
Credit Facility just one year ago, all while maintaining an industry
leading credit profile, which we see as a testament to the quality of
our asset base.”
About Roan Resources
Roan is an independent oil and natural gas company headquartered in
Oklahoma City, OK focused on the development, exploration and
acquisition of unconventional oil and natural gas reserves in the Merge,
SCOOP and STACK plays of the Anadarko Basin in Oklahoma. For more
information, please visit www.RoanResources.com.
Forward-Looking Statements
Statements made in this press release that are not historical facts
are “forward-looking statements.” These forward-looking statements are
based on certain assumptions and expectations made by the Company, which
reflect management’s experience, estimates and perception of historical
trends, current conditions and anticipated future developments. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those implied
or anticipated in the forward-looking statements. Any forward-looking
statement speaks only as of the date on which it is made, and, except as
required by law, the Company does not undertake any obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise. When considering these
forward-looking statements, you should keep in mind the risk factors and
other cautionary statements found in the Company’s filings with the
Securities and Exchange Commission, including its Current Report on Form
8-K, filed September 24, 2018.
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Copyright Business Wire 2018
Source: Business Wire
(September 27, 2018 - 4:19 PM EDT)
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