NGP Capital Resources gets $72 million restated revolver due 2014

By Angela McDaniels

Tacoma, Wash., Dec. 9 - NGP Capital Resources Co. entered into a $72 million amended and restated revolving credit facility due Aug. 31, 2014 on Tuesday, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The facility includes a $10 million letter-of-credit subfacility.

There is a $38 million accordion feature.

The interest rate is Libor plus 325 basis points to 475 bps. The commitment fee is 37.5 bps to 62.5 bps. Both depend on the company's leverage.

Proceeds will be used to supplement the company's equity capital to make portfolio investments.

SunTrust Bank is the administrative agent. Comerica Bank is the syndication agent. SunTrust Robinson Humphrey, Inc. is the arranger and bookrunner.

The facility's covenants require the company to maintain a ratio of net asset value to consolidated total debt (excluding net hedging liabilities) of at least 2.25 to 1.0, a ratio of net asset value to consolidated total debt (including net hedging liabilities) of at least 2 to 1 and a ratio of EBITDA to interest expense of at least 3 to 1.

NGP is a Houston-based management investment company that invests primarily in small and mid-sized private energy companies.

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