Cinco Resources to repay credit facility, loan with stock proceeds

By Ashley Montgomery

Kansas City, Kan., Jan. 12 - Cinco Resources, Inc. said it plans to use the proceeds from its sale of common stock to fully repay its senior secured revolving credit facility due January 2016 and second-lien term loan.

According to the filing, the company owed $60 million on the revolver and $30 million on the term loan at the end of 2011.

Any further proceeds will go toward the company's drilling program and for general corporate purposes.

The issuer is a Dallas-based exploration and production company in natural resources.

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