Kodiak Oil & Gas gets $200 million secured revolving credit facility

By Sara Rosenberg

New York, May 25 - Kodiak Oil & Gas Corp. closed on a new $200 million senior secured revolving credit facility due May 24, 2014, according to a news release.

Wells Fargo acted as the lead bank on the deal.

Pricing on the revolver can range from Libor plus 225 basis points to 325 bps based on usage, and there is a 50 bps unused fee.

The initial borrowing base is $20 million.

Proceeds will be used to finance the development of oil and gas assets, to finance acquisitions of oil and gas properties, to provide working capital and for other general corporate purposes.

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

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