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Stock Market & Financial Investment News

News Breaks
March 12, 2013
09:18 EDTWRESWarren Resources initiated with a Buy at Sidoti
Target $5.
News For WRES From The Last 14 Days
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May 26, 2015
12:55 EDTWRESWarren Resources announces closing of a $250M strategic refinancing
Warren Resources announced the closing of a $250M strategic refinancing with funds sponsored by Franklin Square Capital Partners and sub-advised by GSO Capital Partners, 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 $202.5M of new money, including $172.5M borrowed at closing for working capital and to repay Warren's existing revolving credit facility, a $30M delayed draw first lien commitment, and $47.2M of additional first lien term loans through the exchange of $69.6M 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 LIBOR floor of 1%. The transaction also allows Warren to exchange additional unsecured debt at a discount into second lien debt, subject to incurrence tests. As of May 26,, Warren has $14.7M of cash on hand. "Today we are extremely pleased to announce a new strategic refinancing that not only enhances the financial health of the company, but also provides Warren with the ability to pursue acquisitions and continue our strategy of transformational growth. GSO is a highly respected institution that can provide significant resources as we acquire and develop oil and natural gas assets," said Lance Peterson, interim CEO of Warren.

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