Ring Energy expects to get $150 million five-year revolver via SunTrust

By Angela McDaniels

Tacoma, Wash., June 20 – Ring Energy, Inc. entered into a commitment on Tuesday to establish a new five-year senior secured revolving credit facility with SunTrust Robinson Humphrey Inc. as the lead arranger, according to an 8-K filing with the Securities and Exchange Commission on Friday.

The new revolver is expected to have a maximum borrowing amount of $150 million, an initial conforming borrowing base of $40 million and, upon the request of the company, an incremental non-conforming borrowing base of $20 million.

The company said its current credit facility, which has a $25 million borrowing base, remains in place and will be terminated once the new revolver is negotiated and executed.

Ring Energy is an oil and gas exploration and production company based in Midland, Texas.

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