HOUSTON, April 11, 2016 (GLOBE NEWSWIRE) -- Memorial Resource Development Corp. (Nasdaq:MRD) today announced that the existing borrowing base under its $2.0 billion multi-year revolving credit facility was reaffirmed by its bank group, comprised of 20 lenders, at $1.0 billion following its fiscal year-end reserves review and regularly scheduled semi-annual redetermination. MRD’s revolving credit facility matures in June 2019, and the financial covenants were unchanged.
Regarding MRD’s $600 million senior unsecured notes issue due 2022, Standard & Poor's Ratings Services (S&P) recently raised its notes issue rating on MRD's senior unsecured debt to 'B' (same level as the corporate credit rating) from 'B-'. S&P maintained a positive outlook on its ‘B’ corporate credit rating on MRD. Moody's Investor Service recently confirmed MRD's existing B2 corporate family rating and Caa1 senior unsecured notes issue rating with a stable outlook.
"The increase in proved developed producing reserves and strong performance revisions confirmed the quality of MRD’s asset base despite lower commodity prices since the fall redetermination," Jay C. Graham, CEO, said. "We believe the financial flexibility of our business model and the discipline we are demonstrating through our capital allocation process supported the reaffirmation of our borrowing base and positive credit rating actions."
About Memorial Resource Development Corp.
Memorial Resource Development Corp. is an independent natural gas and oil company engaged in the acquisition, exploration and development of natural gas and oil properties in North Louisiana. For more information, please visit our website at www.memorialrd.com.