| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Clayton Williams Energy, Inc. > News item |
Clayton Williams amends loan, changing pricing, debt to EBITDAX ratio
By Sara Rosenberg
New York, May 26 - Clayton Williams Energy Inc. amended its credit facility, increasing pricing and revising the debt to EBITDAX covenant, according to an 8-K filed with the Securities and Exchange Commission.
Pricing on the facility can now range from Libor plus 200 basis points to 300 bps, as opposed to Libor plus 150 bps to 225 bps prior to the amendment.
In addition, the unused fee was increased to a flat rate of 50 bps, whereas before it could range from 37.5 bps to 50 bps.
The total debt outstanding to EBITDAX ratio can't exceed 3.50 to 1.00 for any period from the effective date of the amendment through the end of fiscal 2010, 3.25 to 1.00 for any period during fiscal 2011, or 3.00 to 1.00 for any period after fiscal 2011.
Concurrently with the amendment, the company's revolver borrowing base was affirmed at $250 million.
The amendment was completed on May 20.
JPMorgan is the administrative agent on the deal.
Clayton Williams is a Midland, Texas-based independent energy company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.