McMoRan Exploration enters into $150 million five-year revolver

By Susanna Moon

Chicago, July 6 - McMoRan Exploration Co. entered into a $150 million five-year senior secured revolving credit facility last Thursday with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The total amount may be increased by another $150 million with additional lender commitments.

The borrowing base will be reset semiannually with the initial reset date scheduled for Nov. 1.

The agreement also includes McMoRan Oil & Gas LLC, a wholly owned subsidiary of McMoRan, as borrower, Toronto Dominion (New York) LLC as syndication agent and BNP Paribas as documentation agent.

The credit agreement replaces the amended and restated credit agreement due Aug. 6, 2012 with JPMorgan Chase Bank as administrative agent, GE Business Financial Services Inc. as syndication agent, and Toronto Dominion (Texas) LLC, BNP Paribas and ING Capital LLC as documentation agents.

The agreement matures on June 30, 2016 unless McMoRan's 11 7/8% senior notes due 2014 have not been redeemed or refinanced by Aug. 16, 2014, in which case the agreement will mature on Aug. 16, 2014.

McMoRan is a New Orleans-based oil and gas driller with operations in the Gulf of Mexico and on shore along the Gulf Coast.

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