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Warren Resources lifts revolver’s borrowing base to $175 million
By Jennifer Chiou
New York, June 9 – Warren Resources, Inc. announced that the syndicate of lenders underwriting its $300 million senior secured credit facility increased the conforming borrowing base to $175 million from $130 million.
The change comes as a result of the company completing the spring 2014 semiannual redetermination, according to a news release.
BMO Capital Markets Inc. and U.S. Bank NA are the joint lead arrangers and bookrunners. Bank of Montreal is the administrative agent, and U.S. Bank is the syndication agent. Capital One, NA is the documentation agent.
The facility, which is due on Dec. 15, 2016, is secured by substantially all of Warren's oil and gas. Wholly owned subsidiaries Warren Resources of California, Inc. and Warren E&P, Inc. are the guarantors.
In addition, the credit facility also has been amended to provide Warren with access to a new $10 million sublimit for swingline loans, the release noted.
As of Monday, Warren has $81.5 million of debt outstanding under its facility, leaving $93.5 million available. The next borrowing base redetermination is scheduled for November.
Warren is a New York-based oil and gas exploration and development company.
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