Berry (BRY) said Thursday it completed a significant refinancing of its existing debt.
The company said it amended the senior secured term loan credit agreement, reducing the delayed draw term loan facility to $32 million and extending its availability for an additional two years.
It added that it borrowed $450 million under the agreement to help fund the redemption of its 7% Senior Notes due 2026 and to repay some obligations under its previous credit facilities.
Additionally, Berry said it entered into a new senior secured revolving credit agreement with a credit facility of up to $500 million, based on a borrowing base of $95 million as of the closing date.
The loan facility matures in 2027 and is secured by the company's assets, it said.
As part of the refinancing, Berry said it also terminated its obligations under the C&J Facility and the 2021 RBL Facility, and it fully deposited funds to redeem its 2026 Notes on Dec. 26.
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