Warrior Energy amends loan, increasing total size to $85 million

By Sara Rosenberg

New York, Aug. 15 - Warrior Energy Services Corp. amended its credit facility, increasing the total facility size to $85 million from $50 million, according to a company news release.

Under the amendment, the revolver was upsized to $30 million from $15 million and the capital expenditure loan facility was upsized to $25 million from $5 million.

The facility also contains a $30 million term loan.

In addition, the amendment extended the date through which capital expenditure loans are available to be made by six months to June 16, 2007 and increased further the maximum amount of capital expenditures the company is permitted to make to $45 million during the year ending Dec. 31, 2006, $50 million during the year ending Dec. 31, 2007 and $40 million during the year ending Dec. 31, 2008.

Furthermore, the repayment provisions of the capital expenditure loan were amended to provide for eight quarterly repayment installments starting Jan. 1, 2007 and continuing thereafter with the first two installments set at $250,000 and the last six installments set at the sum of $250,000 plus 1/20th of the principal amount of the capital expenditure loan funded on or after Aug. 14, 2006. A final ninth installment is due on Dec. 16, 2008 and is to be in the amount of the entire remaining balance of the capital expenditure loan.

General Electric Capital Corp. is the lead bank on the deal.

Warrior Energy Services is a Columbus, Miss.-based natural gas and oil service company.

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