Ensco Ups Revolving Credit Facilities to $1.9B

- Ensco Ups Revolving Credit Facilities to $1.9B

Tuesday, June 07, 2011
Ensco plc

Ensco has increased the commitments under its revolving credit facilities to a total of $1.9 billion. The commitment under a five-year credit facility is $1.45 billion. The commitment under a separate 364-day credit facility is $450 million.

Ensco also announced that it has increased the maximum amount of its unsecured commercial paper program from $700 million to $1.0 billion. The commercial paper program is backstopped by the revolving credit facilities.

Ensco completed its acquisition of Pride International, Inc. on 31 May 2011, as previously reported. The increased credit facilities and commercial paper program will facilitate the growth of the newly-combined company.

The notes to be offered by Ensco under the commercial paper program will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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El Paso Closes Revolving Credit Facilities

- El Paso Closes Revolving Credit Facilities

Friday, June 03, 2011
El Paso Corp.

El Paso Corp. has amended and restated its revolving credit facility and renewed the El Paso Exploration & Production Company (EPEP) revolving credit facility, both of which were set to mature in 2012.

Changes to the El Paso Corporation facility include the extension of maturity to 2016, the reduction of available commitments from $1.5 billion to $1.25 billion, and credit terms which now include more flexibility on collateral support and El Paso Corporation's general partnership interest in EPB as collateral. The EP facility also now provides for an elimination of collateral support upon the loans achieving investment grade status. There were no material changes to the covenant and collateral package supporting the $1.0 billion borrowing base facility for EPEP.

The EP facility was financed through a syndication of 23 financial institutions. J.P. Morgan Securities LLC and Citigroup Global Markets Inc. acted as coordinators for the EP Facility. The EPEP facility was financed through a syndication of 31 financial institutions. BNP Paribas Securities Corp. and Scotia Capital acted as coordinators for the EPEP facility.

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Pacific Rubiales Increases Revolving Credit Facility

Pacific Rubiales Increases Revolving Credit Facility

Thursday, April 14, 2011
Pacific Rubiales Energy Corp.

Pacific Rubiales has closed the amendment (the "Amendment") to its existing US $250 million unsecured revolving credit facility (the "Revolving Credit Facility"). As a result of the great interest generated amongst the lending syndicate, the amount of the Revolving Credit Facility was increased from the US $250 million initially committed by the lenders in April 2010 to US $350 million. Bank of America Merrill Lynch acted as Global Coordinator and Sole Bookrunner.

The Amendment was limited to the same lenders under the Revolving Credit Facility and, in addition to increasing its amount of the facility from US $250 million to US $350 million, under the terms of the Amendment the Company extended the term of the Revolving Credit Facility to April 2013 and reduced the applicable commitment fees and the applicable margin.

To date, the Company has not drawn down any funds from the Revolving Credit Facility and the Company does not expect to require any proceeds from the Revolving Credit Facility to fund its 2011 capital expenditure budget. The Revolving Credit Facility will be utilized as needed to take advantage of opportunities in the Colombia E&P sector that may become available and to fulfill the Company's business strategy.

The applicable margin and commitment fees of the Revolving Credit Facility will continue to be determined in accordance with the rating assigned to the Company's senior debt securities by Standard & Poor's Ratings Group and Fitch Inc. Based on the Company's current rating and expected usage, the commitment fee will be reduced from 100 bps to 75 bps and the applicable margin from 325 bps to 250 bps over LIBOR.

Subject to customary acceleration events set forth in the credit agreement relating to the Revolving Credit Facility, or unless terminated earlier by the Company without penalty, repayment of outstanding principal on the Revolving Credit Facility will be made in full on April 26, 2013.

ProSep Concludes Revolving Loan

ProSep Concludes Revolving Loan

Monday, April 04, 2011

ProSep Inc.

 

ProSep has concluded a $2.5 million unsecured revolving loan agreement with Fondaction. This facility will provide the Company with additional liquidity to fund working capital requirements due to an increased level of activity and growing backlog and to support investments in strategic initiatives.

The facility bears interest at a monthly fixed rate of 1%, has an initial twelve month term and, subject to annual review, can be renewed for up to a total of three years. It will rank after any existing secured indebtedness of the Company.