GeoResources gets $200 million amended and restated revolver

By Sara Rosenberg

New York, Oct. 22 - GeoResources Inc. closed on a $200 million amended and restated three-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Wachovia Back acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Oct. 16.

Pricing on the revolver can range from Libor plus 150 basis points to 225 bps and the commitment fee can range from 37.5 bps to 50 bps, depending on use.

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.

The revolver has an initial borrowing base of $110 million.

GeoResources is a Houston-based owner and operator of producing oil and gas properties.

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