Resolute Energy amends first-lien loan, permitting purchase by Hicks

By Sara Rosenberg

New York, Sept. 22 - Resolute Energy Corp. amended its first-lien credit facility, allowing for the purchase of the company by Hicks Acquisition Co. I, Inc., according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The amendment also revised certain terms of the facility to reflect the public company status of the borrower group.

As a condition to the amendment, the company and Hicks must become guarantors under the facility and pledge all of their assets to secure the loans. However, the amount in Hick's trust account established in connection with its initial public offering will not be subject to the pledge.

The amendment was completed on Sept. 17 and will be effective on the acquisition closing date.

Wachovia Bank is the administrative agent on the deal.

As was previously announced, Hicks will acquire privately held Resolute Natural Resources Co. in a $582 million deal and, once the deal has been completed, Hicks plans to rename the company Resolute Energy Corp. and take it public.

Resolute is an acquirer, exploiter and developer of oil and gas properties.

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