American Standard Energy Corp. (ASEN), an emerging exploration and production company, announced an expansion of its existing credit agreement with Pentwater Capital Management further strengthening the Company's financial and operating position, providing additional development capital for the Company.
Under the terms of the amendment, Pentwater has provided an additional $5 million of credit for development purposes in exchange for an amended Secured Convertible Promissory Note of $25 million from ASEN 2, Inc., a wholly-owned subsidiary of American Standard. The Note is guaranteed by the Company. All other terms and conditions remain unchanged from the original Note dated February 9, 2012.
"The extension of our relationship with Pentwater combined with our recently announced conversion of $45 million of debt-to-equity continues the evolution and strengthening of American Standard's balance sheet and financial position," said Scott Feldhacker, Chief Executive Officer of American Standard. "The additional commitment from Pentwater provides funds to further advance our development strategy for our key Permian, Bakken and Eagle Ford assets. We value our relationship with Pentwater and their belief in our potential as both a lender to and equity partner of American Standard."
The Company also agreed to amend certain terms and conditions related to warrants held by Pentwater. A complete description of the transaction can be found in American Standard's Form 8-K filing with the Securities and Exchange Commission on Friday, July 27, 2012.
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