Jun 23, 2011
Eagle Rock Energy (NASDAQ:EROC) announced that it has entered into a five-year senior secured credit facility with a syndicate of banks led by Wells Fargo, N.A. as administrative agent, Bank of America, N.A. and Royal Bank of Scotland plc as co-syndication agents, and BNP Paribas as documentation agent.
Initial commitments totaled $675 million, with the ability to increase commitments up to $1.2 billion.
Jeffrey P. Wood, the Partnership's Chief Financial Officer said, "We are pleased with the support shown by our lender group, which includes several institutions continuing long-term relationships with Eagle Rock and others beginning new strategic relationships. The refinancing of our credit facility, together with our inaugural senior notes issuance last month, provides further long-term stability and financial flexibility to Eagle Rock's capital structure as we continue to focus on our growth strategy."
Eagle Rock Energy has a potential upside of 27% based on a current price of $11.02 and an average consensus analyst price target of $14.
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