Mariner Energy gets $540 million amended, restated facility

By Sara Rosenberg

New York, March 3 - Mariner Energy Inc. closed on a $540 million amended and restated credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

Union Bank of California is the administrative agent on the deal and BNP Paribas is syndication agent. Union Bank and BNP acted as joint lead arrangers on the deal, with Union Bank also the bookrunner.

The facility, which closed on Thursday, consists of a $500 million four-year revolver with an interest rate that can range from Libor plus 125 to 200 basis points and a $40 million three-year letter-of-credit facility that will carry a fee of 1.5% due quarterly in advance.

The borrowing base under the revolver is initially set at $400 million.

Security is first-priority liens on substantially all of the real and personal property of the company and its subsidiaries.

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

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