WASHINGTON (dpa-AFX) - Quicksilver Resources Inc. (KWK) announced that it had closed new separate senior secured revolving credit facilities for its U.S. and Canadian operations. The $1.25 billion U.S. facility has a current borrowing base of $850 million. Interest rates applicable to the new U.S. facility range from LIBOR plus 150 basis points or 'bps' to LIBOR plus 250 bps depending on borrowing base usage, which represents a reduction from the rates in the existing credit facilities being replaced.
The U.S. facility matures in five years and has a bank syndicate of 22 lenders. The C$500 million Canadian facility has a current borrowing base of C$225 million. Interest rates applicable to the new Canadian facility range from Canadian Dealer Offered Rate or 'CDOR' plus 175 bps to CDOR plus 275 bps depending on borrowing base usage, which also represents a reduction from the rates in the existing credit facilities being replaced. The Canadian facility matures in five years and has a bank syndicate of 15 lenders.
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