KCS Energy extends credit facility to complete new financing

New York, Dec. 13 - KCS Energy, Inc. said it extended that maturity date on its bank credit facility to Jan. 7, 2003 from Dec. 15, 2002 to allow it to complete previously announced financing arrangements.

The Houston energy company said it had agreed not to increased the amount outstanding under the existing facility during the extension period and to maintain cash balances equal to the amount outstanding, which is currently $0.5 million.

KCS Energy said it expects to close the new financing by the end of the year or shortly after and will use proceeds to redeem its remaining senior notes due Jan. 15, 2003.

As previously announced, KCS Energy has entered into a non-binding letter of intent with a third party lender for a $60 million senior credit facility.

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