Cano Petroleum to get $100 million revolver from Union Bank of California

By Sara Rosenberg

New York, Oct. 20 - Cano Petroleum Inc. has received a commitment for a new $100 million four-year revolving credit facility with Union Bank of California, according to a company spokesman.

The revolver, which will carry an interest rate ranging from Libor plus 150 to 200 basis points, is not expected to be syndicated, the spokesman added.

Fort Worth, Texas-based energy producer Cano plans to draw down the initial $30 million borrowing availability under the facility to finance a previously announced acquisition and potential future acquisitions.

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