Mariner Energy amends loan, increasing allowable investments amount

By Sara Rosenberg

New York, Aug. 27 - Mariner Energy, Inc. amended its credit facility, increasing the permitted amount it can make in certain investments to $100 million, according to an 8-K filed with the Securities and Exchange Commission Monday.

The amendment also modified hedging restrictions to eliminate separate limitations by geographic producing areas, and increase the percentage of production that may be hedged under, and extend the tenor of allowable hedge arrangements to 90% during the first three years and 75% during years four and five.

The amendment was completed on Aug. 24.

Union Bank of California is the administrative agent on the deal.

Mariner is a Houston-based oil and gas exploration, development and production company.

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