Jones Energy, Inc. Amends Credit Facility
02 July 2018 - 9:20PM
Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or “the Company”)
today announced that on June 27, 2018 the Company amended the
credit agreement governing its senior secured revolving credit
facility resulting in the following changes:
- Reduced the Company’s borrowing base from $50 million to
$25.
- Aligned the covenants contained in the credit agreement with
those contained in the indenture governing the Company’s 9.25%
senior secured first lien notes.
- Eliminated all financial maintenance covenants and amended
certain other provisions of the credit agreement as set forth in
the amendment. This includes removing the requirement of the
Company to meet financial covenants, including the current ratio
and leverage ratio tests.
In connection with the amendment, the Company has repaid all
outstanding borrowings under the credit agreement.
About Jones Energy
Jones Energy, Inc. is an independent oil and natural gas company
engaged in the exploration, development and acquisition of oil and
natural gas properties in the Anadarko basin of Oklahoma and
Texas. Additional information about Jones Energy may be found
on the Company’s website at: www.jonesenergy.com.
Investor Contact:Page Portas, 512-493-4834Investor Relations
AssociateOrRobert Brooks, 512-328-2953Executive Vice President
& CFO