Finance & Investing | Top Story | Private Equity | Capital Markets | Private Equity Activity
Marcellus E&P Company Lands $250 Million
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Warren Resources, Inc. announced the closing of a $250 million strategic refinancing with funds sponsored by Franklin Square Capital Partners and sub-advised by GSO Capital Partners LP, the credit division of Blackstone, providing Warren with both liquidity and a platform to continue its growth initiatives.
The first lien term loan provides Warren with $202.5 million of new money, including $172.5 million borrowed at closing for working capital and to repay Warren's existing revolving credit facility, a $30 million delayed draw first lien commitment, and $47.2 million of additional first lien term loans through the exchange of $69.6 million of unsecured notes at an exchange price of 65% of par. The new first lien loan has a term of five years, and a coupon rate of LIBOR plus 8.5%, with a…
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