Newfield Exploration receives commitment for $325 million bridge loan from UBS

By Sara Rosenberg

New York, May 30 - Newfield Exploration Co. has received a commitment for a $325 million senior secured bridge loan from UBS Warburg in connection with its acquisition of EEX Corp., according to a filing with the Securities and Exchange Commission. UBS is the exclusive advisor, lead arranger and book-runner for the loan.

The loan will be refinanced with "proceeds of debt and/or equity or equity linked securities issued by (Newfield Exploration Co.) and/or proceeds from (Newfield's) existing credit agreement dated Jan. 23, 2001 agented by JPMorgan Chase Bank," the SEC filing said.

Newfield announced Wednesday that an agreement has been signed for the acquisition of EEX Corp. The transaction is valued at $640 million, including the $360 million in EEX debt and existing obligations that the company will assume, according to a company press release.

Proceeds from the bridge loan will be used to pay maturing EEX debt and other obligations, the release said.

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