Arena Resources upsizes facility to $150 million, extends maturity

By Sara Rosenberg

New York, March 31 - Arena Resources Inc. increased the size of its credit facility to $150 million from $50 million and extended the maturity for three years, according to a company news release.

MidFirst Bank is the lead bank on the deal.

The borrowing base under the facility is initially set at $65 million. Prior to the upsizing, the company had a borrowing base of $35 million.

The facility carries an interest rate of Libor plus 200 basis points.

Arena Resources is a Tulsa, Okla.-based oil and gas exploration, development and production company.

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