Societe Generale Agents Escalera Facility
Escalera Resources announced it entered into a $250 million credit facility with Societe Generale, who is acting as both the administrative agent and initial lender, and SG Americas Securities as bookrunner and sole lead arranger.
The facility has a term of three years and replaces the company’s previous revolving credit facility. The new credit facility has an initial borrowing base of $50 million, with borrowing costs comparable to Escalera’s previous revolving credit facility. Durham Capital acted as the company’s financial advisor in connection with the new credit facility.
Adam Fenster, chief financial officer of Escalera, said, “We are pleased to have completed the refinancing of this new credit facility with Societe Generale, one of the industry’s leading banks. This refinancing paves the way for the repositioning of Escalera to execute on its strategy of acquiring additional producing natural gas properties and the related reserves. We are very excited to have Societe Generale as our key financial partner and are looking forward to the opportunities ahead.”
Denver, CO-headquartered Escalera Resources has executive offices in Houston, TX and a regional office is Casper, WY. Escalera explores, develops and transports natural gas in the U.S. and is seeking strategic acquisitions of abundant, low-cost, dry natural gas assets that are currently undervalued or underutilized; and identifying alternative ways to enhance the value of its dry natural gas reserves.