Energy Industry
Industry: Email Alert RSS FeedMALLON RESOURCES AND ITS PRIMARY LENDER AGREE TO AMEND FINANCING TERMS
Hart's Petroleum Finance Week, February, 2002
Mallon Resources Corp. (NASDAQ: MLRC) reached an agreement with its primary lender, Aquila Energy Capital Corp., to amend the Denver independent producer's line of credit. Under the amendments, Mallon will pay only the interest due on its debt through the balance of 2002, and Aquila will make additional capital available to Mallon for certain field development operations. The interest rate on the debt will be increased one percentage point to prime plus 3 percent, and Mallon will issue 125,000 of its common shares to Aquila. The parties also agreed that, upon any change in control of Mallon before Sept. 30, the independent would purchase the 490,000 Mallon common shares that Aquila currently holds for $5.30 per share, rather than the $12.50 per share price previously in...
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