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NFR $250 million revolver priced at Libor plus 150 bps to 225 bps
By Sara Rosenberg
New York, Oct. 24 - NFR LLC's $250 million four-year revolving credit facility is priced at Libor plus 150 basis points to 225 bps with a 37.5 bps commitment fee, unless an overadvance is used, according to a market source.
The revolver has a $210 million borrowing and a $20 million overadvance that matures on June 30, 2009.
When in the overadvance, pricing will be Libor plus 300 bps with a 50 bps commitment fee, the source said.
BNP Paribas acted as the lead arranger on the deal that was completed earlier this week, with Capital One the syndication agent.
Proceeds from the revolver will be used for acquisition financing of on-shore properties.
NFR, a privately held company owned 50/50 by sponsors Nabors Industries and First Reserve Corp., is an onshore and shallow water exploration and production company.
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