SM Energy Co. (NYSE: SM) has closed the sale of its divestiture of Arkoma Basin properties. The company received net proceeds of approximately $270 million, which SM Energy expects to be completed within 120 days.
The effective date of the divestiture was March 1. The company expects the pending separate divestiture of its assets in the ArkLaTex area to close by the end of the second quarter of 2015. Lenders under the company’s credit agreement have agreed not to reduce the company’s $2.4 billion borrowing base due to these divestitures.
RBC Richardson Barr served as an advisor to SM Energy in these transactions.