NGP Capital Resources extends credit facility maturity, raises pricing

By Sara Rosenberg

New York, Oct. 8 - NGP Capital Resources Co. extended the maturity of its investment credit facility by one year to Aug. 31, 2010 and increased pricing by 25 basis points, according to a news release.

Pricing on the facility can now range from Libor plus 150 bps to 275 bps, depending on the amount drawn.

In addition, the facility size was reduced to $87.5 million from $100 million because one of the five banks in the syndicate elected not to participate in the extension.

The company paid a 50 bps fee in conjunction with the extension of the maturity.

"As of yesterday, we have no debt outstanding on our investment facility and $10 million in cash on hand, leaving us with ample liquidity to fund new investments. Also, as a result of the maturation of our investment portfolio, we intend to reduce the balance on our Treasury facility in the fourth quarter by $50 million," said Steve Gardner, chief financial officer, in the release.

NGP is an Irving, Texas-based closed-end, non-diversified management investment company.

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