Pioneer Southwest amends and restates, revising maturity and covenants

By Sara Rosenberg

New York, April 3 - Pioneer Southwest Energy Partners LP amended and restated its credit facility, extending the maturity to March 29, 2017 from May 2013 and eliminating the interest coverage ratio, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The $300 million facility includes two one-year extension options.

Pricing can range from Libor plus 162.5 basis points to 200 bps and the unused fee can range from 27.5 bps to 37.5 bps, based on leverage.

Bank of America is the administrative agent on the deal.

The amendment and restatement was completed on March 29.

Pioneer Southwest is an Irving, Texas-based owner and acquirer of oil and gas assets.

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