QEP Resources, Inc. (ticker: QEP, exchange: New York Stock Exchange (.N))
News Release -
QEP Resources Announces New Revolving Credit Facility
DENVER, Aug. 25, 2011 /PRNewswire via COMTEX/ -- QEP Resources (NYSE: QEP) announced today that it has entered into a new $1.5 billion, 5-year, unsecured revolving credit agreement with a group of 19 financial institutions. The credit facility replaces the $1.0 billion credit facility that was scheduled to mature in March of 2013.
The new credit facility provides for borrowings at short-term interest rates and contains customary covenants and restrictions. The agreement also contains provisions which would allow for the amount of the facility to be increased to $2.0 billion and for the maturity date to be extended for two additional one-year periods.
Affiliates of Wells Fargo Bank, Bank of Montreal, Deutsche Bank, J.P. Morgan, and U.S. Bank acted as arrangers for the new credit facility.
QEP Resources is a leading independent natural gas and oil exploration and production company with operations focused in the Rocky Mountain and Midcontinent regions of the United States. QEP Resources also gathers, compresses, treats, processes and stores natural gas.
For more information, visit the QEP Resources internet site at: http://www.qepres.com/.
SOURCE QEP Resources