Rosetta Resources Inc., Houston, (Nasdaq: ROSE) has amended and restated its senior revolving credit agreement to a maximum credit amount of $600 million from the previous amount of $400 million.
The maturity date of the agreement has been extended by more than two years from April 5, 2010 to July 1, 2012, and the borrowing base has been reset from $400 million to $375 million.
Rosetta also amended and extended its second-lien term loan maturity from July 7, 2010 to Oct. 2, 2012. The amount outstanding remains at $75 million. A 30-day accordion is in place to allow select investors to come in post-close, which would result in a total second-lien raise of $100 million.
Rosetta president and chief executive Randy Limbacher says, “This is a very strong redetermination outcome for our company. Given the current credit environment for our sector, we are particularly pleased that we were able to both raise our maximum credit amount and extend the maturity of our credit agreement. This gives us significant optionality in the form of both access to credit capacity and time that can continue to differentiate us among smaller E&P companies. We are very appreciative of the support given to Rosetta by our bank group through this exercise.”
Rosetta Resources’ operations are concentrated in South Texas, the Rockies and the Sacramento Basin of California.
Recommended Reading
April US Shale Production Set to Rise to Highest Since December 2019
2023-03-13 - Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise to 5.62 MMbbl/d. Though that would be a record high, oil output from the region is expected to gain by 26,000 bbl/d from the previous month, it’s also the smallest increase since last December, the data showed.
US Oil Rig Count Falls This Week by Most Since Sept 2021: Baker Hughes
2023-01-20 - The U.S. oil rig count fell 10 to 613, the lowest since November, while gas rigs rose six to 156, in their biggest weekly rise since February, according to Baker Hughes.
US Drillers Cut Most Rigs in a Week Since Sept. 2021: Baker Hughes
2023-01-06 - Shale braces for another disappointing year of weaker output gains, rising costs and dwindling reserves in 2023.
U.S. Oil & Gas Rig Count Falls for Third Week in a Row - Baker Hughes
2023-03-03 - The oil and gas rig count, an early indicator of future output, fell for the third week in a row by four to 749 in the week to March 3, the lowest since June.
US Oil, Gas Rig Count Falls for Second Time in Three Weeks: Baker Hughes
2023-02-17 - The U.S. oil rig count slipped to 607 the week ending Feb. 17, but the gas rig count rose to 115, according to Baker Hughes.