Osage Exploration and Development Inc. (OTC: OEDV) and Apollo Investment Corp. (NasdaqGS: AINV) entered into a new $30 million drawdown credit facility that refinanced Osage’s existing credit facility, the company said April 3.
The existing $20 million credit facility now has an additional $10 million of liquidity at an interest rate 25% lower than the one in the company’s previous credit facility with Apollo, Osage added.
Additionally, loan covenants that were previously applied were reset, and the company’s cost of capital for the facility decreased to Libor plus 11%, down from the previous Libor rate plus 15%, Osage said.
Osage did not issue any additional warrants or equity, the company added.
San Diego-based Osage Exploration and Development is an exploration and production (E&P) company with domestic oil and natural gas well and prospect interests.
New York-based Apollo Investment Corp., managed by Apollo Investment Management, provides debt and equity capital to middle-market companies.
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