Forest Oil Amends Credit Facility and Borrowing Base
Forest Oil has reached an agreement with its commercial banks to amend its credit facility to accommodate the previously announced spin-off of its Gulf of Mexico operation ("Spinco") and subsequent merger between Spinco and Mariner Energy, Inc. ("the transaction"). Pro forma for the transaction, there was no negative impact to Forest's restricted payments covenant.
The Borrowing Base will be $600 million upon close of the transaction. As of September 30, 2005, Forest estimates $119 million was drawn on its credit facility. Pro forma for the transaction, no amount would be drawn on the facility.
Forest was not required to pay a fee in order to obtain the
amendments to its credit facility.
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