McMoRan Exploration Co. Announces Completion of New $100 Million Senior Term Loan
January 23 2007 - 8:30AM
Business Wire
McMoRan Exploration Co. (NYSE: MMR) today announced the completion
of a new $100 million Senior Term Loan for its wholly owned
subsidiary McMoRan Oil & Gas LLC (MOXY). The net proceeds of
the new 5-year term loan will be used to repay borrowings under
MOXY�s existing revolving credit facility, for future drilling
activities and other corporate purposes. The loan will bear
interest at an annual rate equal to LIBOR plus 7.0 percent and will
be secured by a second lien on MOXY's oil and gas properties. The
Loan Agreement contains customary financial covenants and other
restrictions. JPMorgan Chase Bank, N.A. acted as administrative
agent; Toronto-Dominion Securities LLC acted as syndication agent.
McMoRan Exploration Co. is an independent public company engaged in
the exploration, development and production of oil and natural gas
offshore in the Gulf of Mexico and onshore in the Gulf Coast area.
McMoRan is also pursuing plans for the development of the MPEH�
which will be used for the receipt and processing of liquefied
natural gas and the storage and distribution of natural gas.
Additional information about McMoRan and the MPEH� project is
available on its internet website �www.mcmoran.com� and at
�www.mpeh.com�.
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