Voyager Closes Acquisition, Increases Macquarie Credit Facility
Voyager Oil & Gas, an oil and gas exploration and production company, announced the closing of its previously announced acquisition of Emerald Oil and an increase in its credit facility with Macquarie Bank.
Concurrent with the closing of the acquisition, Voyager said it entered into an amended and restated credit agreement with Macquarie Bank expanding Voyager’s total availability and increasing the outstanding balance on its existing credit facility.
Upon closing, Voyager will have $15 million of debt outstanding on a new third tranche at an initial rate of 9% above the applicable London Interbank Borrowing Rate (LIBOR), with the potential to draw up to a maximum of $20 million. The initial $15 million in loan proceeds have been used to fund existing development activities.
Billings, MT-based Voyager is an exploration and production company focused on acquiring acreage and developing wells in prospective shale oil plays. Its primary focus is on properties in North Dakota and Montana targeting the Bakken and Three Forks shale oil formations.