Independence Contract Drilling amended and restated its existing credit facility with a syndicate of financial institutions led by CIT Finance.

This second amended and restated credit facility maintains the aggregate commitments under the facility at $85 million and extends the maturity date two years to November 5, 2020. In addition, the facility provides for an additional uncommitted $65 million accordion feature.

The facility is secured by substantially all of the company’s assets.

According to a related 8-K filing, borrowings are subject to a borrowing base formula that allows for borrowings of up to 85% of eligible trade accounts receivable not more than 90 days outstanding, plus up to 75% of the appraised forced liquidation value of the company’s eligible, completed and owned drilling rigs.

As of June 30, 2017, the company’s aggregate borrowings under the credit facility were $39 million and the borrowing base was $89.7 million.

Independence is a land-based contract drilling services firm for oil and natural gas producers.