Wells Fargo Amends, Extends U.S. Energy Revolver
U.S. Energy announced the extension and the execution of amendments to its $100 million senior secured revolving credit facility with Wells Fargo Bank.
The amendment provides for, among other things: (i) an extension of the maturity date of borrowings under the from July 30, 2014 to July 30, 2017; (ii) a decrease in the applicable margin rate to between 2.00% and 3.00% for eurodollar loans and to between 1.00% and 2.00% for alternate base rate loans; and (iii) a $25 million borrowing base, subject to further adjustment from time to time in accordance with the senior credit agreement.
To date, the Company has $10 million outstanding under the facility, with an additional $15 million available under the credit agreement.
“We have a strong working relationship with Wells Fargo and are pleased to report the extension and the execution of the amendment to our Senior Credit Agreement,” stated Keith Larsen, CEO of U.S. Energy Corp. “We will continue to use this important financial tool to further enhance our flexibility in the execution of our drilling, acquisition, and overall growth strategy,” he added.
U.S. Energy Corp. is a natural resource exploration and development company with a primary focus on the exploration and development of its oil and gas assets.