NGAS Resources gets $125 million revolver

By Sara Rosenberg

New York, Sept. 11 - NGAS Resources Inc. closed on a $125 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

KeyBank is the administrative agent on the deal, which closed Sept. 8.

Borrowings carry an interest rate ranging from Libor plus 150 to 250 basis points, depending on use, and the commitment fee can range from 37.5 to 50 bps.

The facility has a current borrowing base of $50 million.

The new revolver replaces the company's previous facility that was scheduled to mature on July 31, 2007 and had a borrowing base of $35 million.

NGAS is a Lexington, Ky.-based developer and producer of natural gas.

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