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PDC Energy secures $2.5B credit facility

Oil and natural gas producer PDC Energy Inc. amended and restated its credit agreement with certain banks and lenders, increasing the credit amount to $2.5 billion and extending its maturity date to May 23, 2023.

The restated facility has an initial elected commitment of $700 million and an initial borrowing base of $1.3 billion. The facility's maturity date reflects improved covenant flexibility and certain reductions in interest rates applicable to borrowings under the facility, and includes a $25 million swingline facility, according to a May 25 SEC filing.

JPMorgan Chase Bank NA acted as administrative agent, sole bookrunner and joint lead arranger, while Wells Fargo Securities LLC acted as joint lead arranger, Wells Fargo Bank NA as syndication agent and BofA NA, along with Bank of Montreal, as documentation agents.