Matador Resources (MTDR) said Tuesday that its lenders have increased the borrowing base under its credit agreement by 30% to $3.25 billion from $2.50 billion.
The increase was due to the regularly scheduled semi-annual borrowing base redetermination, the company said, adding that it chose to keep borrowing commitments at $2.25 billion "but appreciates the potential to increase its borrowings to $3.25 billion at a later date."
Matador also said its joint venture San Mateo Midstream amended and restated its credit agreement, increasing the lender commitments by 50% to $800 million from $535 million.
The maturity date of San Mateo's credit agreement has also been extended to November 2029 and there's now a $250 million accordion feature that could increase lender commitments to up to $1.05 billion.
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