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Quest Resource gets $75 million third-lien facility, amends second-lien to lower pricing
By Sara Rosenberg
New York, June 14 - Quest Resource Corp. closed on a new $75 million six-year third-lien credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.
Guggenheim Corporate Funding, LLC is the administrative agent on the deal.
In addition, the company amended its $100 million second-lien credit facility, decreasing the interest rate by 50 basis points to Libor plus 550 bps.
The third-lien credit facility carries an interest rate of Libor plus 850 bps, and is non-callable for the first year and then callable at 102 in year two and 101 in year three.
The third-lien facility, which was completed on June 9, is supported by the company's increased reserve base. Total proved reserves as of April 1 were 187.6 Bcf, a 53.3 Bcf, or 40% increase, over 2005 year-end proved reserves.
Quest Resource is an Oklahoma City-based producer of natural gas in the Cherokee Basin.
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