Baron Energy Inc., New Braunfels, Texas, (OTCBB: BROE) reports it has successfully restructured its bank debt into a private loan under favorable terms.
The refinancing is a straight-term note with no convertibility feature and no equity issued.
Baron president and chief executive Ronnie L. Steinocher says, "Moving our loan from American State Bank is an extremely positive step for Baron and something which we have been working on since our February merger. We now have a much more amenable loan structure. This new loan will not only provide us with more immediate financial flexibility, but should also be seen as a significant and positive step forward for assisting with the implementation of our pending acquisitions."
Baron Energy has primarily oil producing assets in the West Texas Permian Basin.
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