Rosetta Resources seeks $475 million credit facility

By Sara Rosenberg

New York, Aug. 24 - Rosetta Resources Inc. is syndicating a new $475 million senior secured credit facility to back its recent purchase of some of Calpine Corp.'s oil and gas assets, according to a market source. BNP Paribas is the lead bank on the deal.

The facility, which launched via a Tuesday bank meeting, consists of a $400 million first-lien revolver and a $75 million second-lien term loan, the source said.

Rosetta is a former subsidiary of Calpine that was created to hold Calpine's oil and gas assets in California, the Rockies, offshore Gulf of Mexico and South Texas. In July, Rosetta raised $800 million through a Rule 144A offering of its equity and used that along with $325 million of debt financing provided by BNP Paribas to fund the Calpine acquisition.

Rosetta is a Houston-based independent energy company engaged in the acquisition, production, exploration and development of oil and gas properties.

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