Stone Energy amends loan, ups borrowing base to $500 million

By Toni Weeks

San Luis Obispo, Calif., June 25 – Stone Energy Corp. amended and restated its credit agreement on Tuesday via Bank of America, NA, according to an 8-K filing with the Securities and Exchange Commission.

The company’s initial borrowing base has been set at $500 million, increased from $400 million. The borrowing base is reset semiannually.

Interest is Libor plus 150 basis points to 250 bps, with the exact margin based on borrowing base utilization. There is a commitment fee of 37.5 bps to 50 bps, also based on borrowing base utilization.

The credit facility matures July 1, 2019.

As of June 24, Stone had no outstanding borrowings under the facility, and $21 million in letters of credit had been issued, leaving $479 million of availability under the facility, the filing noted.

The bank credit facility is guaranteed by subsidiary Stone Energy Offshore, LLC.

Bank of America, NA is the administrative agent and issuing bank. Wells Fargo Bank, NA, Natixis, Bank of Nova Scotia, Capital One, NA and Toronto Dominion (New York) LLC are co-syndication agents. Regions Bank and U.S. Bank NA are co-documentation agents. BofA Merrill Lynch is the lead arranger and bookrunner.

Stone is an independent oil and natural gas exploration and production company based in Lafayette La.

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