North Coast Energy Inc. (Nasdaq: NCEB) entered into a $125-million credit agreement with a group of four major energy lending banks, replacing the Twinsburg, Ohio, independent's current $25-million credit facility and includes an initial borrowing base of $65 million. Union Bank of California arranged and acted as agent for the new facility, with Bank One, Comerica and Fortis as participants. The facility is secured by North Coast's Appalachian oil and gas properties. Funded debt under the new facility will bear interest ranging from the London Interbank Offered Rate plus 1.5% to Libor plus 2%, following an interest-rate grid established between North Coast and its bank group relating to the borrowing base utilization.
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