BMO Nears Wrap on Pogo Deal
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BMO Nears Wrap on Pogo Deal

Bank of Montreal is close to wrapping up syndication of its $500 million deal backing Pogo Producing's acquisition of NORIC Corp.'s North Central Oil. Pricing on the five-year revolver is expected to be LIBOR plus 2%. Bank of America, Toronto Dominion Bank, and FleetBoston Financial are in as managing agents. The banker said general syndication began in early January and the syndicate comprises roughly 40 banks. "In this market you need about 40 banks to get an oil deal done," he said. Officials at Pogo Producing did not return calls.

The Houston-based company announced last November that it would acquire North Central for $630 million in cash and stock, assuming $120 million in debt. The company develops and produces oil and natural gas.

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