Forest Oil gets new $600 million credit facility

By Sara Rosenberg

New York, Oct. 4 - Forest Oil Corp. closed on a new $600 million credit facility due September 2009, which, under certain conditions, can be increased by $200 million.

JPMorgan Chase was the lead bank on the deal.

The facility consists of a $550 million U.S. facility and a $50 million Canadian facility, according to an 8-K filed Monday with the Securities and Exchange Commission.

Security is 75% of the present value of the proved oil and gas properties and related assets of the company and its subsidiaries. The liens and security interests will be released if the company's corporate credit ratings reach certain levels.

The facility closed on Sept. 28.

Forest Oil is a Denver oil and gas company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.