Teton Energy Corporation has successfully syndicated its three-year $150 million bank credit facility to a group of four domestic banks. The facility was originally underwritten by JPMorgan Chase Bank, N.A., which will continue to act as the administrative agent on the facility.
Joining JPMorgan in the bank group are Royal Bank of Canada, acting as syndication agent, and U.S. Bank National Association and Guaranty Bank and Trust Company, as participants. The syndicated facility will initially have a $32.5 million borrowing base to be used for working capital, capital expenditures and other general corporate purposes.
We are very pleased to partner with such a strong group of banks," said Lonnie Brock, Chief Financial Officer. "These lenders have the financial strength to help the Company execute our focused strategy to grow the Company through the acquisition, exploration and development of highly repeatable low cost resource plays in the Rocky Mountain and Mid-Continent regions of the U.S."
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