Foothills Resources gets $100 million credit facility

By Sara Rosenberg

New York, Dec. 13 - Foothills Resources Inc. closed on a new $100 million senior secured credit facility due Dec. 13, 2012, according to a news release.

Regiment Capital Advisors, LP and Wells Fargo Foothill acted as the leads on the loan.

The facility consists of a $50 million revolver at Libor plus 200 basis points and a $50 million term loan at Libor plus 650 bps.

The borrowings under the term loan facility carry prepayment penalties ranging from 1% to 2% in the first three years.

Proceeds will be used to refinance the company's previous credit facility and provide liquidity for development and other production opportunities.

The outstanding principal balance under the credit facility at closing was $56 million.

Foothills Resources is a Bakersfield, Calif.-based independent energy company.

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