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Kodiak doubles revolver size to $1.5 billion, pushes out term to 2018
By Susanna Moon
Chicago, April 18 - Kodiak Oil & Gas Corp. doubled the size of its revolving credit facility to $1.5 billion and extended the maturity to April 2, 2018.
The company also increased the borrowing base to $650 million from $450 million, elected to limit the aggregate commitment on the revolver to $550 million and adjusted pricing.
Borrowings bear interest at Libor plus 150 basis points to 250 bps, with the margin dependent on borrowing base utilization.
The company amended its credit agreement on April 3 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
Lenders include Wells Fargo Bank, NA, KeyBank NA, BMO Harris Financing, Inc., Royal Bank of Canada, Bank of Nova Scotia, Scotiabank, Inc., Credit Suisse AG, Cayman Island Branch, Comerica Bank, U.S. Bank NA, JPMorgan Chase Bank, NA, Deutsche Bank Trust Co. Americas, Suntrust Bank and Cadence Bank, NA.
The company's long-term debt as of March 31 was $1.25 billion, consisting of $1.15 billion of senior notes and $100 million in borrowings under its credit facility, according to a company press release.
"Management believes that the credit facility's undrawn portion, when combined with cash flow from operations, is adequate to fund its anticipated 2013 capital expenditures," the company said in the release.
Kodiak is a Denver-based independent oil and gas exploration and production company.
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