Rex Energy amends credit agreement’s leverage covenant, borrowing base

By Tali Rackner

Norfolk, Va., March 31 – Rex Energy Corp.’s bank group approved an amendment to the company’s senior secured credit facility that includes a new senior secured debt to EBITDAX covenant of 3 times and permanently removes the total debt to trailing 12 months EBITDAX covenant, according to a press release.

The banks also approved a $350 million borrowing base.

State College, Pa.-based Rex Energy is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins.

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