By Devika Patel
Knoxville, Tenn., March 2 - Northern Oil and Gas, Inc. settled a $25 million revolving credit facility with CIT Capital USA Inc. on Feb. 27, according to an 8-K filed Monday with the Securities and Exchange Commission.
The arrangement has a three-year term and an initial borrowing base of $11 million.
The revolver's interest rate is Libor plus 5.5%.
CIT also received warrants for 300,000 common shares, exercisable at $5.00 until Feb. 27, 2012.
Proceeds will be used for exploration and production.
Wayzata, Minn.-based Northern Oil and Gas is an exploration and production company.
| Issuer: | Northern Oil and Gas, Inc.
|
| Issue: | Revolving credit facility
|
| Amount: | $25 million
|
| Maturity: | Feb. 27, 2012
|
| Coupon: | Libor plus 5.5%
|
| Warrants: | For 300,000 shares
|
| Warrant expiration: | Feb. 27, 2012
|
| Warrant strike price: | $5.00
|
| Investor: | CIT Capital USA Inc.
|
| Settlement date: | Feb. 27
|
| Stock symbol: | Amex: NOG
|
| Stock price: | $2.64 at close Feb. 27
|
| Market capitalization: | $86.1 million
|
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