Cabot Oil & Gas Completes New Credit Facility
April 27 2009 - 7:00AM
PR Newswire (US)
HOUSTON, April 27 /PRNewswire-FirstCall/ -- Cabot Oil & Gas
Corporation (NYSE:COG) today announced the completion of a new $500
million unsecured Revolving Credit Facility with a three-year term.
Additionally, the Company announced that the borrowing base, which
governs debt limits under the facility, now totals $1.35 billion.
"Both the credit facility and the borrowing base reflect an
increase of $150 million from levels under our previous facility,"
said Dan O. Dinges, Chairman, President and CEO. "What speaks
highly of Cabot's strength is that even in this difficult financing
market, we had four new institutions provide commitments." Dinges
added, "While we remain committed to stay within cash flow for our
investment program, this new facility affords us substantial
flexibility to weather these economic conditions. I would also note
that with the new borrowing base, Cabot has over $450 million of
borrowing capacity at the present time." J.P. Morgan Securities
Inc. and Banc of America Securities LLC were the joint book runners
and co-lead arrangers for the facility. J.P. Morgan Chase Bank,
N.A. will serve as administrative agent. Cabot Oil & Gas
Corporation, headquartered in Houston, Texas is a leading
independent natural gas producer with substantial interests in the
Gulf Coast, including Texas and Louisiana; the West, with the Rocky
Mountains and Mid-Continent; and in the East. For additional
information, visit the Company's Internet homepage at
http://www.cabotog.com/. The statements regarding future financial
performance and results and the other statements which are not
historical facts contained in this release are forward-looking
statements that involve risks and uncertainties, including, but not
limited to, market factors, the market price (including regional
basis differentials) of natural gas and oil, results of future
drilling and marketing activity, future production and costs, and
other factors detailed in the Company's Securities and Exchange
Commission filings. DATASOURCE: Cabot Oil & Gas Corporation
CONTACT: Scott Schroeder, +1-281-589-4993, for Cabot Oil & Gas
Corporation Web Site: http://www.cabotog.com/
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