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Halcon Resources plans new revolver with purchase of GeoResources
By Sara Rosenberg
New York, April 25 - Halcon Resources Corp. plans on getting a new revolving credit facility with an estimated $475 million borrowing base in connection with its acquisition of GeoResources Inc., according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
Under the agreement, GeoResources stockholders will receive $20 in cash and 1.932 shares of Halcon Resources common stock per share.
The transaction values GeoResources at around $1 billion.
Closing is expected in the third quarter, subject to the approval of the stockholders of both companies, as well as other customary approvals.
Halcon is a Houston-based energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties. GeoResources is a Houston-based oil and gas company.
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