GMX seeks revolver amendment to raise pricing, deal with issue if a bank fails to fund

By Sara Rosenberg

New York, Nov. 12 - GMX Resources Inc. is in the process of finalizing an amendment to its revolving credit facility, increasing pricing and addressing issues if one of the banks fails to fund, according to a 10-Q recently filed with the Securities and Exchange Commission.

In addition, the amendment will increase the hedging limitation to 85% of proved development producing reserves from 80%.

The amendment is expected to be completed this month.

GMX is an Oklahoma City-based crude oil and natural gas company.

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