03:35 AM EDT, 06/10/2026 (MT Newswires) -- Presidio Production ( FTW ) has closed a $350 million investment-grade refinancing of its prior asset-backed securitization, obtaining a lower interest rate, the oil-and-gas producer disclosed late Tuesday.

The new debt has a weighted average coupon of 6.38%, about 184 basis points less than the prior debt, said Presidio.

The transaction also reduced scheduled amortization, "enhancing free cash flow available for dividends," said Presidio.

Of the new $350 million borrowed, $263 million was used to pay off existing debt, accrued interest and make-whole fees, $37 million was used to pay down revolving funds, and $35 million used for additional hedge protection on oil prices.

The remainder of the new borrowed funds was used for transaction fees, expenses and general corporate purposes, said Presidio Production ( FTW ).