Halcon Resources Closes New Revolving Credit Facility
Halcón Resources Corporation (NASDAQ: HK) today announced that it has closed on a new $500 million five-year senior secured revolving credit facility with J.P. Morgan Chase Bank, N.A. as the administrative agent and lead arranger, which replaces the Company's previous revolving credit facility.
The new facility increases the borrowing base to $225 million, extends the maturity to February 8, 2017, lowers the interest rate and improves the financial flexibility of the covenant package when compared to the Company's prior revolving credit facility. The pricing on the new facility will be LIBOR plus 150 to 250 basis points based on the utilization of the borrowing base. As of February 8, 2012, the Company had no borrowings outstanding under the new revolving credit facility.
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