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Mission Resources amends loan, changing size, borrowing base, covenants
By Sara Rosenberg
New York, Oct. 10 - Mission Resources Corp. amended its credit facility, reducing the size, changing the borrowing base and modifying covenants. JPMorgan Chase is the administrative agent, BNP Paribas is the syndication agent and Wachovia Bank and Fleet National Bank are the co-documentation agents.
The size of the facility was lowered to $150 million from $200 million, according to a filing with the Securities and Exchange Commission. The borrowing base was set at $50 million from Oct. 7 to March 30, 2003 and $40 million from March 31, 2003 until an unspecified time.
The interest coverage ratio was decreased (see table 1) and the ratio of total debt to EBITDAX was increased (see table 2), the filing said.
Furthermore, the company granted liens on additional oil and gas properties.
And, lastly, the definition of consolidated net income was amended to prohibit the company from holding $12 million or more in cash while borrowings are outstanding under the facility.
Mission Resources is a Houston, Tex. independent oil and gas exploration and production company.
Table 1: Mission Resources' new interest coverage covenant
Fiscal Quarter Interest Coverage Ratio
Sept. 30, 2002 through March 31, 2003 1.75 to 1.00
April 1, 2003 through June 30, 2003 1.90 to 1.00
July 1, 2003 through Sept. 30, 2003 2.10 to 1.00
Oct. 1, 2003 through Dec. 31, 2003 2.30 to 1.00
Jan. 1, 2004 and thereafter 2.50 to 1.00
Table 2: Mission Resources' new total debt to EBITDAX covenant
Fiscal Quarter Total Debt to EBITDAX
Sept. 30, 2002 through Dec. 31, 2002 5.50 to 1.00
Jan. 1, 2003 through March 31, 2003 5.00 to 1.00
April 1, 2003 through June 30, 2003 4.75 to 1.00
July 1, 2003 through Sept. 30, 2003 4.50 to 1.00
Oct. 1, 2003 through Dec. 31, 2003 4.00 to 1.00
Jan. 1, 2004 and thereafter 3.50 to 1.00.
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