08:08 AM EST, 12/26/2024 (MT Newswires) -- Berry (BRY) said Thursday it has closed a debt refinancing, securing a $450 million term loan and a revolving credit agreement of up to $500 million.

The refinancing extended the company's debt maturities and, with more than $100 million in liquidity at closing, provides "the financial flexibility to focus on our core business and pursue our key priorities," CFO Mike Helm said.

Proceeds from the term loan will fund the full redemption of Berry Petroleum's senior notes due 2026, as well as be used for capital expenditures and other general corporate purposes, Berry said.