Abraxas Petroleum obtains $100 million term loan via Angelo Gordon

By Sarah Lizee

Olympia, Wash., Nov. 13 – Abraxas Petroleum Corp. entered into a $100 million senior secured second-lien term loan facility with Angelo Gordon Energy Servicer, LLC as administrative agent, according to a press release.

Net proceeds from the financing are estimated to be about $95 million, all of which was used to pay down the company’s revolving credit facility.

At closing, the borrowing base under the company’s revolver was set at $135 million and about $94 million was drawn, leaving $41 million of available liquidity under the facility.

Abraxas is a San Antonio-based crude oil and natural gas exploration and production company with operations across the Rocky Mountain, Permian Basin and South Texas regions of the United States.

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