Montage Resources amendment permits up to $50 million note repayment

By Wendy Van Sickle

Columbus, Ohio, Nov. 15 – Montage Resources Corp. amended its credit agreement to allow for the company to repurchase, prepay or redeem some of its senior notes, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, which was entered on Monday, allows the company to pay up to $50 million to repurchase, prepay or redeem up its 8 7/8% senior notes due 2023.

Also, the credit agreement was amended to reduce the ratio of consolidated total fund net debt to EBITDAX to 2.75x from 3x.

Bank of Montreal is the administrative agent of the credit agreement, which was originally entered on Feb. 28, 2019.

Montage Resources, formerly Eclipse Resources Corp. and Blue Ridge Mountain Resources, Inc., is an exploration and production company based in Irving, Tex.

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