Quest Energy plans new credit facility with IPO

By Sara Rosenberg

New York, July 19 - Quest Energy Partners, LP is planning on getting a new credit facility in connection with its initial public offering of 8.75 million common units, according to an S-1 filed with the Securities and Exchange Commission Thursday.

Proceeds will be available for general partnership purposes, including working capital, capital expenditures, distributions and repayment of indebtedness that is assumed in connection with acquisitions.

At close, $75 million will be borrowed under the new facility.

Security will be substantially all assets of the partnership and its subsidiaries.

Financial covenants are expected to include a leverage ratio and an interest coverage ratio.

Oklahoma City-based Quest Energy is a limited partnership recently formed by Quest Resource Corp. to acquire, exploit and develop oil and natural gas properties.

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