Warren Resources amends loan, raising pricing, adding a Libor floor

By Sara Rosenberg

New York, May 13 - Warren Resources Inc. amended its credit facility, increasing pricing and adding a 3.5% Libor floor for the next six months, according to a news release.

Pricing on the facility can now range from Libor plus 275 basis points to 350 bps based on usage, up from a previous range of Libor plus 125 bps to 200 bps.

The unused fee is now set at 50 bps, compared to previously being able to range from 20 bps to 50 bps.

The amendment also gives the company the right for the next six months to obtain up to a $30 million financing secured by a second mortgage lien on its assets.

In connection with the amendment, the borrowing base under the $250 million deal was reaffirmed at $120 million.

The company currently has $115 million drawn on the facility.

Warren Resources is a New York-based independent energy company.

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