Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers O > Headlines for Osage Exploration and Development, Inc. > News item |
Osage Exploration amends note agreement with Apollo, now $30 million
Amendment also extends maturity one year, reduces interest by 400 bps
By Lisa Kerner
Charlotte, N.C., April 3 - Osage Exploration and Development, Inc. executed a third amendment to a note purchase agreement with Apollo Investment Corp. on Thursday, according to an 8-K filing with the Securities and Exchange Commission.
Specifically, the company amended the $20 million senior secured note purchase agreement dated April 27, 2012 and previously amended by first and second amendments dated April 5, 2013 and August 12, 2013, respectively.
The amendment increases the total facility to $30 million from $20 million, extends the maturity date to April 27, 2016 from April 27, 2015, reduces the interest rate to Libor plus 1,100 basis points from Libor plus 1,500 bps, provides a limited waiver for certain covenants and provides for a $5 million draw down upon execution.
Osage is an oil and gas exploration company in San Diego.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.