Matador reaffirms $3.25 billion borrowing base; San Mateo commitments rise $250 million
Matador's subsidiary MRC Energy signed a seventh amendment to its secured revolving credit facility on December 9, 2025. The amendment reaffirmed the $3.25 billion borrowing base and kept the elected commitment at $2.25 billion, and it removed a 0.10% credit spread adjustment that had been included in the interest rate calculation. Separately, lenders to the San Mateo midstream joint venture raised its commitments by $250 million, which Matador says gives that venture more financial flexibility.
Key points
- Borrowing base reaffirmed at $3.25 billion in the regularly scheduled November 1 redetermination; elected commitment held at $2.25 billion
- 0.10% per annum credit spread adjustment removed from the SOFR-based interest calculation
- Matador paid down $311 million under the RBL in the first nine months of 2025, leaving a $285 million balance as of September 30, 2025
- San Mateo revolving commitments increased from $850 million to $1.10 billion; Matador owns 51% of San Mateo
The filing
Written by AI on Nov 8, 2026, 12:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 11, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.