Osage Exploration amends note agreement with Apollo, now $30 million

By Lisa Kerner

Charlotte, N.C., April 3 - Osage Exploration and Development, Inc. executed a third amendment to a note purchase agreement with Apollo Investment Corp. on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the company amended the $20 million senior secured note purchase agreement dated April 27, 2012 and previously amended by first and second amendments dated April 5, 2013 and August 12, 2013, respectively.

The amendment increases the total facility to $30 million from $20 million, extends the maturity date to April 27, 2016 from April 27, 2015, reduces the interest rate to Libor plus 1,100 basis points from Libor plus 1,500 bps, provides a limited waiver for certain covenants and provides for a $5 million draw down upon execution.

Osage is an oil and gas exploration company in San Diego.

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