Cano Petroleum amends loan, changing definition of majority lenders

By Sara Rosenberg

New York, March 1 - Cano Petroleum Inc. amended its $100 million credit facility, changing the definition of majority lenders, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Under the new definition, majority lenders means lenders holding at least 66 2/3% of the aggregate unpaid principal amount of the notes and outstanding letter of credit obligations if there are more than two lenders, and, if there are two or fewer lenders, all of the lenders.

Previously, the definition was lenders holding at least 66 2/3% of the aggregate unpaid principal amount of the notes and outstanding letter of credit obligations.

The amendment was completed on Feb. 24.

Union Bank of California is the administrative agent on the deal.

Cano Petroleum is a Fort Worth, Texas-based independent oil and gas company.

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