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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Credit Suisse, BMO Arrange Magnum Hunter’s $390MM Credit Facilities
Thursday, October 23, 2014
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Lenders/Participants
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Credit Suisse Securities [Joint Lead Arranger]
BMO Capital Markets [Joint Lead Arranger]
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Structure
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$50MM Revolver; $340M Term Loan
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Amount
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$390.000
Million
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Borrower(s)
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Magnum Hunter Resources Corporation
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Description
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Company closed on two new credit facilities and completely refinanced its prior revolving credit facility. The new credit facilities consist of i) a $50 million senior secured first lien reserve-based revolving credit facility, maturing four years after the closing date, and ii) a $340 million senior secured second lien term loan, maturing five years after the closing date. Proceeds from the new term loan were used to repay 100% of the outstanding borrowings under the Company's prior revolving credit facility (approximately $241 million) along with customary transaction costs. The new available proceeds will be used primarily to fund the Company's upstream operations in the Marcellus and Utica Shale plays of West Virginia and Ohio and for general corporate purposes. Following the closing of the new credit facilities, the Company had total liquidity of $212 million, comprised of $164 million of cash and $48 million of borrowing availability under its new senior secured revolving credit facility. Transaction details not disclosed.
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Industry
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Energy
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Location
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TX
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| Related Tags |
BMO Capital Markets, Credit Suisse Securities
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ABL Advisor
Deal Tables
2024
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