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Magnum Hunter Resources closes new credit facilities


Published Oct 24, 2014
Magnum Hunter Resources Corporation-2

Magnum Hunter Resources Corporation has 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.

Tags: Magnum Hunter Resources Corporation




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