Warren Resources gets $150 million revolver

By Sara Rosenberg

New York, Nov. 20 - Warren Resources Inc. closed on a new $150 million five-year revolving credit facility, according to a company news release.

JPMorgan acted as the lead bank on the deal.

Pricing on the revolver, which became effective on Nov. 16, can range from Libor plus 125 to 200 basis points, depending on use.

The initial borrowing base is set at $40 million.

Security is substantially all company assets.

Borrowings will be used for working capital, capital expenditures, permitted acquisitions and other general corporate purposes.

Warren is a New York-based oil and gas exploration and production company.

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