Magnum Hunter to get new senior credit facility led by BMO Capital

By Sara Rosenberg

New York, Dec. 28 - Magnum Hunter Resources Corp. plans on getting a new senior credit facility with an initial borrowing base of $120 million, according to a news release.

BMO Capital Markets is the lead bank on the deal.

The credit facility is in connection with the acquisition of NGAS Resources Inc., a Lexington, Ky.-based exploration and production company, for about $98 million of common stock and assumed liabilities.

Proceeds will be used to refinance the assumed liabilities.

The transaction is expected to close by March 31, subject to shareholder approval.

Magnum Hunter is a Houston-based exploration and production company.

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