GeoResources gets $100 million revolver

By Sara Rosenberg

New York, Oct. 2 - GeoResources, Inc. closed on a $100 million three-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Wachovia acted as the lead bank on the deal that was completed on Sept. 26.

Pricing can range from Libor plus 150 basis points to 200 bps, depending on use.

There is a 37.5 bps commitment fee.

The initial borrowing base is $35 million and is subject to redetermination on June 1 and Dec. 1 of each year.

Financial covenants include a current ratio of not less than 1.0 to 1.0, a funded debt to EBITDA ratio of not greater than 4.0 to 1.0 and an interest coverage ratio of not less than 3.0 to 1.0.

GeoResources is a Houston-based natural resources company.

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