Mariner Energy amends loan, permitting the formation of a Canadian subsidiary

By Sara Rosenberg

New York, Aug. 27 - Mariner Energy Inc. amended its credit facility, allowing for a wholly owned subsidiary to conduct business in Canada, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The Canadian subsidiary is not required to guarantee the payment and performance of obligations under the credit agreement or pledge its assets to secure the obligations.

Mariner's investment in the Canadian subsidiary is limited to $25 million.

The amendment was completed on Aug. 25.

Union Bank of California is the administrative agent on the deal.

Mariner Energy is a Houston-based independent oil and gas exploration, development and production company.

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