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Midstates Petroleum lifts revolver to $500 million, extends maturity
By Marisa Wong
Madison, Wis., June 13 - Midstates Petroleum Co.'s wholly owned subsidiary, Midstates Petroleum Co. LLC, entered into a second amended and restated credit agreement on June 8 with SunTrust Bank as administrative agent, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The agreement amends and restates Midstates Petroleum's amended and restated credit agreement dated Dec. 10, 2010 with Wells Fargo Bank, NA as administrative agent.
The company increased its revolving credit facility to $500 million from $300 million, added additional lenders to the bank group and set the initial borrowing base at $200 million.
The maturity date of the revolving credit facility was also extended to June 8, 2017 from Dec. 10, 2014.
In addition, lenders under the amended credit agreement have agreed that there will be no reduction in the company's borrowing base for the issuance of up to $275 million of senior unsecured notes. In the event that the company elects to issue more than $275 million of senior unsecured notes, the borrowing base will be reduced by 25% of the face value of such notes in excess of $275 million.
Interest for the revolver is equal to Libor plus 175 basis points to 275 bps, depending on usage.
Suntrust Robinson Humphrey, Inc. is the lead arranger for the amended and restated facility.
Suntrust Robinson Humphrey, Merrill Lynch, Pierce, Fenner & Smith Inc., Natixis New York Branch, RBC Capital Markets and RBS Securities Inc. are the joint bookrunners. Bank of America, NA is the syndication agent. Natixis, Royal Bank of Canada and Royal Bank of Scotland plc are co-documentation agents.
Midstates is a Houston-based oil exploration and production company.
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