Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/magnum-hunter-resources-refinances-revolving-credi.shtmlMagnum Hunter Resources refinances revolving credit facility
Magnum Hunter Resources Corporation has refinanced its existing senior secured revolving credit facility with certain banks and obtained additional
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Magnum Hunter Resources Corporation has refinanced its existing senior secured revolving credit facility with certain banks and obtained additional liquidity through a new senior secured term loan.
The refinancing and additional liquidity are being provided, in equal amounts, by holders of more than a majority of the Company's second lien term loan agreement, and holders of more than a majority of the Company's 9.75% Senior Notes due 2020.
These new lenders have also agreed to forbear from the exercise of certain rights and remedies with respect to certain events of default (including the failure to pay interest when due under the Company's 9.75% Senior Notes due 2020 and second lien term loan agreement) and work, in good faith, on negotiating the terms of a consensual restructuring with the Company.
