Sabine Oil & Gas draws remaining $356 million under revolver

By Marisa Wong

Madison, Wis., March 4 – Sabine Oil & Gas Corp. borrowed about $356 million under its second amended and restated credit agreement on Feb. 25, according to an 8-K filing with the Securities and Exchange Commission.

The amount borrowed represents the remaining undrawn amount that was available under the revolving credit facility. These funds are intended to be used for general corporate purposes.

As of March 2, the aggregate amount of borrowings under the revolver was roughly $1 billion, including about $29 million of letters of credit and a cash balance of about $350 million.

These borrowings bear interest at Libor plus 250 basis points.

The company entered into the credit agreement on Dec. 16 with Wells Fargo Bank, NA as administrative agent.

Formerly Forest Oil Corp., Sabine is an oil and gas company based in Houston.

© 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.