Parallel Petroleum amends loan to change ratio of consolidated funded debt to consolidated EBITDA

By Sara Rosenberg

New York, Dec. 30 - Parallel Petroleum Corp. amended its credit facility on Thursday, modifying the consolidated-funded-debt-to-consolidated-EBITDA covenant, according to an 8-K filed with the Securities and Exchange Commission.

Under the amendment, the maximum consolidated-funded-debt-to-consolidated-EBITDA ratio is 3.70-to-1.00 for the fiscal quarter ending Dec. 31, 3.70-to-1.00 for the fiscal quarters ending March 31, 2005, June 30, 2005, Sept. 30, 2005 and Dec. 31, 2005, 3.60-to-1.00 during the year 2006 and 3.50-to-1.00 during the year 2007 and thereafter.

Prior to the amendment, the ratio of consolidated funded debt to consolidated EBITDA was set at 3.00-to-1.00.

First American Bank and SSB are the lead banks on the deal.

Parallel Petroleum is a Midland, Texas-based oil and natural gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.