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Osage enters into $30 M refinancing facility

Osage Exploration and Development Inc.

Osage Exploration and Development Inc. (OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, reports that the company has entered into a new $30 million draw-down credit facility with Apollo Investment Corp.

This agreement refinances Osage’s existing $20 million credit facility and provides an additional $10 million of liquidity at an overall interest rate approximately 25% lower than Osage’s previous credit facility with Apollo.

Further, all loan covenants that previously applied have been reset, and Osage’s cost of capital on the entire $30 million facility has decreased to LIBOR plus 11% as opposed to the previous rate of LIBOR plus 15%. No additional warrants or equity of any kind was issued by the company in connection with this refinancing.

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