Riviera Resources trims interest rate, extends loan maturity to 2021

By Marisa Wong

Los Angeles, Oct. 3 – Riviera Resources, Inc. entered into a fourth amendment on Sept. 27 to its credit agreement dated Aug. 4, 2017 with Royal Bank of Canada as administrative agent to reduce pricing and extend the maturity date, according to an 8-K filing with the Securities and Exchange Commission.

The amendment reduces the interest rate by 500 basis points for all loans and extends the maturity date to Aug. 4, 2021.

The company also reduced the borrowing base to $90 million, with the next scheduled borrowing base redetermination to occur on April 1, 2020, and made changes to lender assignments in connection with the borrowing base reduction.

In addition, the amendment permits asset sales in Illinois, Kansas, Louisiana and Texas without further impact to the borrowing base; updates the credit facility to reflect recent developments relating to the possible replacement of Libor, the introduction of “divisions” under Delaware law and recent developments under the Dodd-Frank Act; and reduces the cash netting cap in total net debt to $25 million from $100 million.

The natural gas company is based in Houston.

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