Revolving Credit Facility

6 Months Ended

Mar. 31, 2021

On September 28, 2017, REP LLC and SunTrust Bank, now Truist Bank as successor by merger, as administrative agent, entered into a credit agreement to establish a senior secured revolving credit facility. The credit facility had an initial borrowing base of $25 million with a maximum facility amount of $500 million.

On October 21, 2020, REP LLC entered into the Seventh Amendment and Consent to its credit facility to incorporate the changes in the legal structure of REP LLC upon consummation of the Merger, including the joinder of the Company as the parent guarantor thereto. The Seventh Amendment was effective upon closing of the Merger. Effective March 5, 2021, the Company and REP LLC entered into the Eighth Amendment to the credit facility pursuant to which the parties thereto reaffirmed the borrowing base at $135 million with total commitments increasing to $135 million and extended the maturity date of the facility by an additional two years.

The credit facility maturity date is set to occur on September 28, 2023 in accordance with the Eighth Amendment. Substantially all of the Company’s assets are pledged to secure the credit facility.

The following table summarizes the Company's interest expense:


	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
	($ in thousands)				($ in thousands)
Interest expense	$	962	$	1,179	$	2,002	$	2,319
Amortization of debt issuance costs	160		165		316		318
Unused commitment fees	43		74		82		147
Total interest expense	$	1,165	$	1,418	$	2,400	$	2,784

The weighted average interest rate as of March 31, 2021 and September 30, 2020 was 3.19% and 4.09%, respectively.

As of March 31, 2021 and September 30, 2020, the Company was in compliance with all covenants contained in the credit agreement and had $97.5 million and $101 million, respectively, of outstanding borrowings and an additional $37.5 million and $34 million, respectively, available under the borrowing base.