Rex Energy entered into an amended credit agreement to expand its borrowing base to $325 million under the company’s senior secured credit facility with a lender group led by KeyBank serving as administrative agent.
Inventure Foods announced it extended the term of its credit agreement with U.S. Bank. The amended revolving credit facility sets a maximum available credit limit of $30 million for the full term.
Corrections Corporation of America entered into an amendment of its amended and restated credit agreement. The amendment increases the aggregate principal amount to $900 million and includes an accordion feature up to $100 million.
OpenTable entered into a $50 million senior secured credit agreement with Wells Fargo Bank. The revolver, which will be used for working capital and other general corporate purposes, will mature on January 10, 2016.
Universal Power Group signed a four-year, $30 million credit facility with Comerica Bank. The company has also implemented a $4 million, four-year term loan, which will be used to refinance existing debt.
Rotech Healthcare said it has entered into a new $25 million term loan credit facility with Silver Point Finance.
Frozen Food Express amended its $50 million secured asset-based credit agreement with Bank of America. The maturity date remains unchanged at March 29, 2015.
To conclude her three-part series intended to de-mystify the workout banker’s motivations, Kristina Anderson of Carl Marks Advisory Group examines some of the dynamics inside senior lender syndicates and how those dynamics affect the syndicate’s ability to respond in workout and default situations. As Anderson notes, distress doesn’t necessarily have to lead to war.