Voyager Oil gets $150 million credit facility led by Macquarie

By Sara Rosenberg

New York, Feb. 13 - Voyager Oil & Gas Inc. closed on a new $150 million credit facility, according to a news release.

Macquarie Bank Ltd. led the deal that was completed on Feb. 10.

The facility consists of a $100 million tranche A that has an initial borrowing base of $15 million, and a $50 million tranche B that can be used for certain developments and acquisitions.

Pricing on the A tranche is initially Libor plus 325 basis points but can vary based on usage and the type of loan selected, while pricing on the B tranche is Libor plus 750 bps.

Upon completion of Voyager's semiannual reserve updates, portions of tranche B may be converted to tranche A upon the satisfaction of some conditions.

Security is all of the company's oil and gas assets and remaining other real and personal property.

Proceeds are being used to repay existing debt and to accelerate the company's development and production growth in the Williston Basin.

Voyager is a Billings, Mont.-based exploration and production company focused on acquiring acreage in prospective natural resource plays.

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