GMX amends loan, modifying pricing and resetting borrowing base

By Sara Rosenberg

New York, June 5 - GMX Resources Inc. amended its credit facility, revising pricing and redetermining the borrowing base at $175 million, down from the prior level of $190 million, according to a news release.

Pricing on the revolver can now range from Libor plus 275 basis points to 425 bps based on the amount of the loan outstanding.

Also, as part of the amendment, the company's total debt to EBITDA for the most recently ended 12 months may not be greater than 4.0 to 1 on an ongoing basis.

In connection with the borrowing base redetermination process, Bank of America was added to the bank group with a 14% participation.

GMX Resources is an Oklahoma City-based explorer, developer and producer of properties for the production of crude oil and natural gas.

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