MXenergy amends loan to lower revolver size, raise base rate pricing

By Sara Rosenberg

New York, May 15 - MXenergy Inc. amended its credit facility on Friday, reducing the revolver to $135 million and increasing pricing to base rate plus 300 basis points, according to a 10-Q filed with the Securities and Exchange Commission.

The existing step-down in the revolver size to $115 million on June 30 was left unchanged by the amendment.

In addition, the amendment limited letters of credit with an expiration date beyond Oct. 31 to $40 million, prohibited interest payments on bridge financing, required the maintenance of $60 million of cash as security and extended the date to deliver an executed agreement in connection with a liquidity event to May 29 from May 15.

Société Générale is the administrative agent on the deal.

The company also said that it is considering options for negotiating the renewal or extension of its revolver, or for negotiating a new lending facility with new lenders.

MXenergy is a Stamford, Conn.-based natural gas and electricity supplier.

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