Crimson Exploration amends revolver, revising maturity and pricing

By Sara Rosenberg

New York, May 22 - Crimson Exploration Inc. amended its $400 million senior secured revolving credit facility, extending the maturity by two years to May 31, 2015 and reducing pricing, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Pricing on the revolver can now range from Libor plus 175 basis points to 275 bps and the unused fee can now range from 37.5 bps to 50 bps, based on utilization.

In addition, the amendment revised the minimum interest coverage ratio of EBITDAX to interest expense for the four trailing fiscal quarters to 2.50 times.

Furthermore, the sale of mortgaged properties covenant and limitation on hedging covenant were modified.

With the amendment, the borrowing base was reaffirmed at $100 million.

As of March 31, there was $53.3 million outstanding under the revolver.

The amendment was completed on May 17.

Wells Fargo Bank is the lead on the deal.

Crimson is a Houston-based independent energy company engaged in the acquisition, development, exploitation and production of crude oil and natural gas.

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