Key Energy amends loan, increasing capital expenditure limitation

By Sara Rosenberg

New York, Nov. 4 - Key Energy Services Inc. amended its $547.25 million senior credit facility, increasing the amount of allowable capital expenditures during 2005 and 2006, according to a company news release.

Under the amendment, the company can make annual capital expenditures of $175 million for 2005 and $200 million for 2006, up from the previous limitation of $150 million in each year.

In addition, under certain conditions, up to $25 million of the capital expenditure limit, if not spent in the permitted fiscal year, may be carried over for expenditure in the next succeeding fiscal year.

Key Energy is a Midland, Texas, rig-based well service company.

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