Forest Oil Announces Update to Credit Facility
DENVER -- March 31, 2014
Forest Oil Corporation (NYSE:FST) (Forest or the Company) today announced that
the lenders under the Company’s revolving credit facility have completed their
regularly scheduled semi-annual redetermination of the Company’s borrowing
As part of the redetermination process, Forest and the lenders agreed to amend
the facility to provide for, among other things, an increase in the permitted
maximum total debt to EBITDA ratio (leverage ratio) to 5.75 to 1.0 at the end
of the calendar quarters of March 31, 2014, June 30, 2014, and September 30,
2014; 5.50 to 1.0 at the end of the calendar quarter ending December 31, 2014;
5.25 to 1.0 at the end of the calendar quarter of March 31, 2015; 5.00 to 1.0
at the end of the calendar quarter of June 30, 2015; 4.75 to 1.0 at the end of
the calendar quarter of September 30, 2015; and 4.50 to 1.0 at the end of any
calendar quarter ending after September 30, 2015.
In conjunction with the amended leverage ratio, Forest’s borrowing base under
the credit facility was reduced to $300 million. There are currently no
outstanding borrowings under the credit facility.
Forest Oil Corporation is engaged in the acquisition, exploration,
development, and production of natural gas and liquids in the United States.
Forest's principal reserves and producing properties are located in the United
States in Arkansas, Louisiana, Oklahoma, and Texas. Forest's common stock
trades on the New York Stock Exchange under the symbol FST. For more
information about Forest, please visit its website at www.forestoil.com.
March 31, 2014
Forest Oil Corporation
Larry C. Busnardo, 303.812.1441
VP – Investor Relations
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