American Standard Energy completes $300 million credit facility

By Sara Rosenberg

New York, Sept. 21 - American Standard Energy Corp. closed on a new $300 million three-year senior secured credit facility, according to a news release.

Macquarie Bank Ltd. led the deal.

The facility consists of a $100 million revolver and a $200 million term loan that is available for drawing for 18 months from the close.

Pricing on the revolver can range from Libor plus 275 basis points to 325 bps based on the percentage of borrowing base that is advanced, and pricing on the term loan is Libor plus 750 bps.

Proceeds will be used to provide working capital for exploration and production operations, to acquire proven producing oil and gas properties and for capital expenditures.

Initial availability under the revolver is $12 million, which was fully drawn at closing, and initial availability under the term loan is $35 million.

American Standard Energy is a Scottsdale, Ariz.-based non-operated exploration and production company.

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