Energy Partners' $150 million exit facility pricing ranges from Libor plus 400 bps to 450 bps

By Sara Rosenberg

New York, Sept. 25 - Energy Partners Ltd.'s $150 million exit facility has pricing that can range from Libor plus 400 basis points to 450 bps based on usage, and there is a 2% Libor floor, according to an 8-K filed with the Securities and Exchange Commission on Friday.

The commitment fee on the facility can range from 75 bps to 100 bps based on use.

The facility consists of a $25 million one-year term loan and a $125 million three-year revolver that has an initial borrowing base of $70 million, inclusive of the term loan.

GE Capital acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Sept. 21.

Covenants include a current ratio of 1.0 to 1.0, an interest coverage ratio of at least 2.50 to 1.0, a leverage ratio less than or equal to 1.50 to 1.0, and a certain coverage ratio with respect to plugging and abandonment obligations.

Energy Partners is a New Orleans-based oil and natural gas exploration and production company.

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