Encore Acquisition obtains new credit facility, initially $400 million available

New York, Aug. 19 - Encore Acquisition Co. said it obtained a new five-year senior secured credit facility with initial availability of $400 million under the borrowing base calculation.

Availability can rise as high as $750 million, depending on the calculation.

Bank of America is administrative agent.

The new facility replaces the Fort Worth, Tex., independent energy company's previous $300 million facility that had a $270 million borrowing base and would have matured in June 2006.

The new facility is secured by a first-priority lien on Encore's proved oil and natural gas reserves and matures on Aug. 19, 2009.

© 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.