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SilverBow amends note purchase agreement, includes $50 million buyback
Chicago, Nov. 15 – SilverBow Resources, Inc. modified its note purchase agreement with U.S. Bank NA as agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
The amendment allows for a $50 million redemption of the second-lien notes before Feb. 15, 2022.
Additionally, the maturity date is being extended to Dec. 15, 2026, an additional two years.
There is also a reduction in the permitted ratio of total net debt to EBITDA, to 3.5x from 4.5x for the fiscal quarter ending on Dec. 31, and then decreasing further to 3.25x starting with the quarter ending March 31, 2022 and going forward.
A minimum asset coverage ratio of 1.25x is being implemented, to be tested on a quarterly basis.
The call protection schedule is being extended by 12 months.
The mortgage coverage and title requirements are being increased to 90% from 85%.
SilverBow is a Houston-based oil and gas exploration and production company focused on the Eagle Ford shale.
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