Cabot increases borrowing base, amends credit facility

Cabot Oil & Gas Corp. (NYSE: COG) has closed an amendment to its revolving credit facility.

Effective April 17, Cabot closed an amendment to its revolving credit facility that provides for, among other things, an increase in the borrowing base from $3.1 billion to $3.4 billion, an increase in the lenders' commitments from $1.4 billion to $1.8 billion, an extension of the maturity date three additional years to 2020, and a reduction in the drawn and undrawn pricing based on current leverage levels.

As of the end of the first quarter, the company had $265 million of borrowings outstanding under its revolving credit facility.

A total of 20 lenders participated in the company's facility.

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