Endeavour gets $25 million junior facility, amends senior facility

By Sara Rosenberg

New York, Feb. 11 - Endeavour International Corp. closed on a new $25 million junior credit facility and amended its senior credit facility to revise the maturity date, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The junior facility, led by the Bank of Scotland, matures on Feb. 5, 2011 and is priced at Libor plus 800 basis points.

Included in the junior facility is a covenant to maintain a minimum fair market value of proved plus probable reserves to consolidated secured debt ratio of 2:1.

As for the senior facility amendment, it changed the maturity date to the earlier of Jan. 31, 2011 or the reserve tail date from the earlier of Oct. 31, 2011 or the reserve tail date.

BNP Paribas and the Bank of Scotland are the lead banks on the senior facility.

The junior facility and the amendment were completed on Feb. 5.

Endeavour is a Houston-based energy company.

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