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| END > SEC Filings for END > Form 8-K on 3-Oct-2012 | All Recent SEC Filings |
3-Oct-2012
Entry into a Material Definitive Agreement, Creation of a Direct Fin
Previously, Endeavour International Corporation (the "Company") and its wholly-owned subsidiary, Endeavour Energy UK Limited ("Endeavour UK"), entered into a credit agreement (the "Credit Agreement") with Cyan Partners, LP, as administrative agent ("Cyan"), and the lenders party thereto, providing for a revolving credit facility (the "Revolving Credit Facility"). Following an expansion in connection with the Company's recent acquisition of an additional interest in the Alba field from Conoco Phillips, the Revolving Credit Facility provided for borrowing of up to $100 million with the potential to increase the amount available for borrowings up to $150 million.
On September 27, 2012, the Company and Endeavour UK, along with certain existing lenders under the Credit Agreement, entered into two incremental commitment agreements (the "Amendments") increasing the amount available for borrowing under the Revolving Credit Facility from $100,000,000 to $125,000,000. Additionally, in connection with the Amendments, the Company and Endeavour UK will pay a fee of $1.25 million (5% of the incremental commitments and consistent with the amount of fees associated with the Credit Agreement) to Cyan Partners, LP. Ashok Nayyar, the Founding Partner and Chief Investment Officer of Cyan Partners, LP is a member of the Company's board of directors.
On September 28, 2012, Endeavour UK borrowed an additional $15,000,000 under the Credit Agreement. After giving effect to this borrowing, Endeavour UK currently has $115,163,333 of borrowings outstanding under the Revolving Credit Facility.
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