Kodiak to lift revolver commitment to $50 million, get second-lien

By Sara Rosenberg

New York, Oct. 20 - Kodiak Oil & Gas Corp. plans on expanding the committed amount under its $200 million senior secured revolving credit facility to $50 million from $20 million, according to a news release.

In addition, the company expects to get a $75 million senior secured second-lien term loan with an initial commitment of $40 million.

Wells Fargo is the lead bank on the financing.

Proceeds will be used to help fund the $99 million acquisition of high working interest, contiguous Bakken/Three Forks Williston Basin leasehold and producing properties.

The acquisition is expected to close prior to year-end and is subject to the completion of customary due diligence and closing conditions.

Kodiak is a Denver-based oil and gas exploration and production company.

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