Quicksilver Resources to repay all revolver debt with asset proceeds

By Sara Rosenberg

New York, July 22 - Quicksilver Resources Inc. plans to repay all of the roughly $528 million in outstanding borrowings under its $1 billion senior secured credit facility using proceeds from the sale of Quicksilver Gas Services, according to a news release.

Quicksilver Gas Services is being acquired by Crestwood Midstream Partners II LLC for $701 million in cash at closing plus up to $72 million in additional earn-out payments.

The transaction is expected to close in October, subject to customary conditions.

Quicksilver Resources is a Fort Worth, Texas-based natural gas and crude oil exploration and production company.

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