Crimson gets $550 million credit facility

By Sara Rosenberg

New York, May 8 - Crimson Exploration Inc. closed on a $550 million credit facility, according to a company news release.

The facility consists of a $400 million amended and restated revolver and a $150 million second-lien term loan.

The revolver has an initial borrowing base of $200 million.

Proceeds from the term loan, along with $123 million of revolver borrowings, were used to refinance existing senior and subordinated debt, and fund the acquisition of producing gas fields and undeveloped acreage in South Texas and South Louisiana from Exco Resources, Inc. for $285 million in cash and 750,000 shares of Crimson common stock.

Crimson is a Houston-based crude oil and natural gas company.

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