Endeavour amends loan, increasing security for letters of credit

By Sara Rosenberg

New York, Feb. 9 - Endeavour International Corp. amended its senior term loan, lifting the security reserved for potential letters of credit to $35 million from $25 million, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

This increase in security is expected to allow the company to release the $32 million of restricted cash that is serving as collateral for existing letters of credit.

The amendment was completed on Feb. 6.

Cyan Partners is the administrative agent on the deal.

Endeavour is a Houston-based acquirer, explorer and developer of energy reserves.

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