Gastar Exploration (GST) Raising Revolving Credit Facility to $100 Million
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Gastar Exploration Ltd. (NYSE Amex: GST) announced that the Borrowing Base under its Senior Secured Revolving Credit Facility has been confirmed by the lending participants in the amount of $100 million, effective immediately. The Borrowing Base was previously set at $50 million. Presently, Gastar has drawn $27 million under the revolving credit facility, resulting in $73 million of unused borrowing capacity. The next borrowing base redetermination is scheduled to occur in November 2012.
In addition, Gastar is also pleased to provide an update on the status of its Gastar Exploration USA, Inc. Series A Preferred Stock offering. To date in 2012, Gastar USA has issued 1,472,142 shares for net proceeds of $28.0 million ($36.8 million in face value) resulting in issuances from inception to date of 2,836,685 shares of the Series A Preferred Stock ($70.9 million in face value) for net proceeds of $55.4 million.
In addition, Gastar is also pleased to provide an update on the status of its Gastar Exploration USA, Inc. Series A Preferred Stock offering. To date in 2012, Gastar USA has issued 1,472,142 shares for net proceeds of $28.0 million ($36.8 million in face value) resulting in issuances from inception to date of 2,836,685 shares of the Series A Preferred Stock ($70.9 million in face value) for net proceeds of $55.4 million.
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