Stone Energy gets $300 million amended and restated credit facility

By Sara Rosenberg

New York, Nov, 6 - Stone Energy Corp. closed on a $300 million amended and restated senior secured credit facility due July 1, 2011, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Bank of America acted as lead arranger, bookrunner and administrative agent on the deal that closed Nov. 1, with BNP Paribas, JPMorgan, U.S. Bank and Whitney National Bank as co-syndication agents, and Natixis and RBS the co-documentation agents.

Pricing can range from Libor plus 125 basis points to 175 bps based on the ratio of advances plus letter-of-credit exposure to borrowing base.

The facility has an initial borrowing base of $175 million.

Covenants include a maximum consolidated debt to consolidated EBITDA ratio of 3.25 to 1 and a minimum EBITDA to consolidated net interest ratio of 3.0 to 1.0.

Proceeds were used to refinance the company's previous $500 million credit facility.

Stone Energy is a Lafayette, La.-based oil and gas company.

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