Oklahoma City-based PHX Minerals Inc. recently announced the closing of a new four-year $100 million senior secured credit facility.
The new facility, led by Independent Bank including MidFirst Bank replaces the company’s previous credit agreement which was with a lending syndicate led by Bank of Oklahoma. The new facility included an initial borrowing base of $27.5 million for PHX Minerals compared to $28 million under the old facility.
Under the new facility, there also no dividend payment restrictions and no required quarterly commitment reductions.
“We believe that Independent Bank is the right partner for PHX at this time, and the New Credit Facility represents another critical step for our transformation into a pure-play mineral-focused company, as the New Credit Facility increases our financial flexibility for future growth,” explained Chad Stephens, PHX’s President and CEO.