Midstates Petroleum draws remaining $249.2 million under facility

By Marisa Wong

Morgantown, W.Va., Feb. 9 – Midstates Petroleum Co., Inc. borrowed about $249.2 million under its second amended and restated credit agreement dated June 8, 2012 with SunTrust Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing, which represents the remaining undrawn amount that was available under the credit facility, will be used for general corporate purposes.

As of Tuesday, following the funding of the drawdown, the aggregate amount of borrowings under the facility was $252 million, including roughly $2.8 million of outstanding letters of credit, and the company’s cash balance was about $335.7 million.

Borrowings under the facility bear interest at Libor plus a margin ranging from 200 basis points to 300 bps, depending on utilization.

Midstates Petroleum is a Tulsa, Okla.-based exploration and production company.

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