Ring Energy gets $1 billion credit facility commitment via SunTrust

By Sara Rosenberg

New York, Feb. 26 – Ring Energy Inc. has received a commitment for an increased $1 billion senior credit facility with a borrowing base of $425 million, according to a news release.

SunTrust Robinson Humphrey is the lead arranger and bookrunner on the deal.

The commitment was obtained in connection with the company’s planned acquisition of Wishbone Energy Partners LLC’s North Central Basin Platform assets located primarily in Southwest Yoakum County, Texas and East Lea County, New Mexico.

The total purchase price for the acquisition is $300 million, comprised of $270 million of cash and $30 million of common stock.

Closing is expected in the second quarter, with an effective date of Nov. 1, 2018.

Ring Energy is a Midland, Texas-based oil and gas exploration, development and production company.

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