Teton gets $150 million amended and restated revolver

By Sara Rosenberg

New York, April 3 - Teton Energy Corp. closed on a $150 million three-year amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Thursday.

JPMorgan acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on April 2.

Pricing on the revolver can range from Libor plus 150 basis points to 325 bps and the commitment fee can range from 37.5 bps to 50 bps, depending on the conforming borrowing base use.

The revolver has an initial borrowing base of $50 million, with an initial conforming borrowing base of $40 million.

Security is a first mortgage against the company's oil and gas assets and by a pledge of the equity of the company's subsidiaries.

Proceeds were used to refinance the company's existing $50 million credit facility and are available for working capital requirements, capital expenditures, acquisitions, general corporate purposes and to support letters of credit.

Teton is a Denver-based developer, producer and marketer of natural gas and oil properties.

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