Rosetta Resources expands revolver to $600 million, extends maturity

By Susanna Moon

Chicago, April 9 - Rosetta Resources Inc. said it amended and restated its senior revolving credit agreement to a maximum credit amount of $600 million, revised from $400 million.

Rosetta also said the maturity date of the agreement has been extended by more than two years to July 1, 2012 from April 5, 2010. The borrowing base under the amended and restated agreement has been reset to $375 million from $400 million.

The company also amended and extended its second-lien term loan maturity to Oct. 2, 2012 from July 7, 2010. The amount outstanding under the second-lien term loan remains at $75 million. A 30-day accordion is in place, however, that will accommodate a select number of investors to come in after the close, which would result in a total second-lien raise of $100 million.

"Given the current credit environment for our sector, we are particularly pleased that we were able to both raise our maximum credit amount and extend the maturity of our credit agreement," Randy Limbacher, Rosetta's president and chief executive officer, said in a press release.

Rosetta is an independent oil and gas company based in Houston.

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