Finance & Investing | Capital Markets
MidCont-Focused Osage Enters into New Credit Facility
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Osage Exploration and Development, Inc. has entered into a new $30 million draw-down credit facility with Apollo Investment Corporation.
This agreement refinances Osage’s existing $20 million credit facility and provides an additional $10 million of liquidity at an overall interest rate approximately 25% lower than Osage’s previous credit facility with Apollo.
Further, all loan covenants that previously applied have been reset, and Osage’s cost of capital on the entire $30 million facility has decreased to LIBOR plus 11% as opposed to the previous rate of LIBOR plus 15%. No additional warrants or equity of any kind was issued by the Company in connection with this refinancing.
Kim Bradford, Chairman and CEO, commented: "Osage was fortunate enough to receive the early financial support of…
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