- Warren Resources (NASDAQ:WRES) says it has closed a $250M refinancing deal from Franklin Square Capital Partners to help pay down its credit line and continue its growth initiatives.
- WRES will get $202.5M of new money and loans through an exchange with its unsecured bondholders; the deal includes a new five-year first-lien term loan that will pay an interest rate of at least 9.5%.
- "Rather than just taking on new debt to provide additional liquidity, we are converting a significant amount of high yield bonds to first lien debt at a favorable discount, while also generating sufficient funding to grow our business,” WRES says.