Warren Resources amends interest coverage ratio under credit facility

By Marisa Wong

Madison, Wis., Dec. 2 – Warren Resources, Inc. amended its third amended and restated credit agreement dated Aug. 11, 2014 with Bank of Montreal as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment, among other things, updates the definition of interest coverage ratio so that interest expense is not limited to interest due to the lenders of the credit facility and excludes the amortization of capitalized fees and expenses incurred in connection with the issuance of debt.

Other material terms and conditions of the facility, including the borrowing base of $225 million, remain in effect.

Warren entered into the amendment on Nov. 26.

The energy company is based in New York.

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