Aurora gets $300 million five-year revolver to fund drilling in Texas

By Toni Weeks

San Diego, Sept. 26 - Aurora Oil & Gas Ltd. arranged a $300 million five-year senior secured revolving credit facility with BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and UBS Loan Finance LLC, according to a company announcement.

The interest rate will be Libor plus 200 basis points to 400 bps, depending on the borrowing base.

At closing, $85 million will be available under the facility. Further availability will be based on proven reserves, and the company's accelerated drilling program through 2012 will continue to add reserves to the proven category, the announcement noted.

Proceeds will be used to fund Aurora's drilling program at the Sugarkane Field Eagle Ford project in Texas and for general corporate purposes.

Aurora is an oil and gas company based in Perth, Australia.

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