Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/financial/money/trans-energy-closes-a-new-200-million-credit-facil.shtmlTrans Energy closes a new $200 million credit facility with Morgan Stanley
Trans Energy, Inc. announced that its subsidiary, American Shale Development, Inc. (ASD), closed on a new credit facility with Morgan
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Trans Energy, Inc. announced that its subsidiary, American Shale Development, Inc. (ASD), closed on a new credit facility with Morgan Stanley Capital Group Inc. (Morgan Stanley) in the amount of $200 million. The facility closed and an initial amount of $102.5 million was funded on May 21, 2014.
The credit facility is in the amount of $200 million, of which $102.5 million was funded at closing to refinance ASD's existing debt and to pay certain fees and expenses in connection with the financing. An additional $47.5 million has been committed and is available to fund growth expenditures during the next two years, based on a formula that makes further availability contingent upon the value of ASD's producing properties as compared to its net debt. An additional $50 million may be made available at Morgan Stanley's discretion.
