Eureka Hunter Pipeline, LLC, a subsidiary of Magnum Hunter Resources Corporation says that Eureka Hunter has closed on an expansion of its Senior Secured Revolving Credit Facility ("Revolving Credit Facility"). Pursuant to this expansion, the aggregate loan commitment amount under the Revolving Credit Facility increased by $108 million from $117 million to $225 million. The number of participating banks under the facility increased from five to thirteen. The Revolving Credit Facility is non-recourse to Magnum Hunter.
In addition to the increase in commitments, the applicable interest rate margin was reduced across the pricing grid, with the interest rate on LIBOR based loans now at LIBOR plus a margin ranging from 1.75% to 3.00%. The maturity date of the Revolving Credit Facility remains at four years from the date of the initial closing of the facility, which occurred in March 2014. The Revolving Credit Facility contains other terms and conditions customary for financings of this type.