Saratoga Resources gets $122.5 million in credit facilities

By Sara Rosenberg

New York, July 18 - Saratoga Resources Inc. closed on $122.5 million in new credit facilities, according to an 8-K filed with the Securities and Exchange Commission Friday.

One facility is a $97.5 million second-lien credit facility due July 14, 2011 with Wayzata Investment Partners LLC priced at 20% per annum.

Wayzata also received a warrant to purchase 805,515 shares at $0.01 a share, exercisable for five years.

The other is a $25 million first-lien revolver due April 1, 2011 with Macquarie Bank, with pricing that can range from Libor plus 225 basis points to 275 bps based on usage.

Proceeds were used on July 14 to help fund the acquisition of Harvest Oil & Gas LLC and Harvest Group LLC.

Sarasota is an Austin, Texas-based oil and gas exploration and production company.

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