GMX gets $250 million amended and restated credit facility

By Sara Rosenberg

New York, June 18 - GMX Resources Inc. closed on a $250 million amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Capital One acted as the arranger, bookrunner and administrative agent on the deal that was completed on June 12, with Union Bank of California the syndication agent and BNP Paribas the documentation agent.

Pricing on the loan is Libor plus 175 basis points when the borrowings are less than 50% of the borrowing base, and Libor plus 200 bps when borrowings are 50% to 90% of the borrowing base.

The borrowing base is $140 million.

Proceeds were used to replace the company's previous $125 million facility that was priced 25 bps cheaper than the new deal.

GMX is an Oklahoma City-based independent oil and gas exploration and production company.

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