PetroQuest amends loan, reducing borrowing base

By Sara Rosenberg

New York, March 24 - PetroQuest Energy Inc. amended its credit facility on Tuesday, decreasing the borrowing base to $130 million from $150 million and revising pricing, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the facility can now range from Libor plus 250 basis points to 350 bps depending on borrowing base usage. If the company fails to deliver a reserve report as required by the credit agreement, pricing will be set at the highest level.

In addition, the amendment added a covenant requiring the company to maintain at all times liquidity of at least $10 million.

Furthermore, the amendment waived the company's failure to deliver a reserve report, a related officers' certificate and title information on or before March 1.

JPMorgan is the administrative agent on the deal.

PetroQuest is a Lafayette, La.-based energy company.

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