KCS Energy amends and restates loan, obtains $100 million revolver with lower rates

By Sara Rosenberg

New York, Nov. 19 - KCS Energy Inc. said it amended and restated its existing credit facility to providing for a $100 million revolver due on Nov. 18, 2006 with an interest rate that can range from Libor plus 225 basis points to Libor plus 300 basis points, based on use.

The revolver's expiration date may be changed to Oct. 17, 2005, if the company fails to refinance or repay its 8 7/8% senior subordinated notes by Oct. 14, 2005.

"We are most pleased that KCS' growing oil and gas reserves and improved financial condition have enabled us to amend our credit facility to increase borrowing capacity and significantly reduce interest and fees over the next several years," said James W. Christmas, chairman and chief executive officer, in a company news release.

KCS is a Houston oil and gas company.

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