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CM - Centennial gets a $200MM borrowing base raise - May 2019

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A spring redetermination put $200 million more borrowing capacity in the hands of Centennial Resource Production LLC, which increased its borrowing base to $1.2 billion. The facility, amended on April 26, also decreased the company’s revolver interest rates to a 125-225 bps spread over LIBOR from 150-250 bps, and applicable margins to 25-125 bps from 50-150 bps for base rate loans.Lenders will keep the rate reductions as long as the company complies with a leverage ratio of total funded......
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