UBS Launches Quest Cherokee Refi

UBS launched syndication last Wednesday of a $155 million refinancing for Quest Cherokee.

  • 09 Jul 2004
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UBS launched syndication last Wednesday of a $155 million refinancing for Quest Cherokee. The company was formed in December when Quest Resource Corp. acquired Devon Energy Corp.'s Cherokee Basin oil and gas leases, pipelines and related assets for $126 million.

The new credit comprises a five-year, $20 million revolver; a five-year, $15 million synthetic letter of credit facility; and a six-year, $120 million term loan. The revolver and synthetic L/C facility are priced at LIBOR plus 3 3/4%, while the term loan is at LIBOR plus 4 1/4%.

At the time of the original acquisition, Banc One Capital Markets provided $105 million of bank debt and mezzanine debt to fund the acquisition and refinance Quest's previous credit facilities. In addition, Cherokee Energy Partners, a subsidiary of ArcLight Capital Partners, provided $51 million of financing. Energy Capital Solutions advised Quest and arranged the Banc One and ArcLight financing. UBS bankers and Quest officials declined comment. Heidi Milne, director of investor relations for ArcLight, and a Banc One spokesman did not return calls.

 

  • 09 Jul 2004

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3 Citi 5,130 13 8.54
4 JP Morgan 4,681 6 7.79
5 Morgan Stanley 4,137 11 6.89

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