Century Exploration New Orleans, Inc. operates as an oil and gas exploration, development and operating company. The company develops prospects from 3-D seismic data base of over 10,000 square miles. The company is based in Metairie, Louisiana. Century Exploration New Orleans, Inc. operates as a subsidiary of RAAM Global Energy Company. On October 26, 2015, Century Exploration New Orleans, Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. It is in joint administration with RAAM Global Energy Company.
3838 North Causeway Boulevard
Metairie, LA 70002
Century Exploration New Orleans, Century Exploration Houston and Century Exploration Resources Announce Fifth Amended and Restated Credit Agreement
Sep 16 14
On September 12, 2014, Century Exploration New Orleans, LLC, Century Exploration Houston, LLC and Century Exploration Resources, LLC each a wholly-owned subsidiary of RAAM Global Energy Company, a Delaware corporation (the Company), entered into a Fifth Amended and Restated Credit Agreement with Wilmington Trust, National Association, as administrative agent (the Agent), and the lenders party thereto (the Fifth Amended and Restated Credit Agreement). The Subsidiaries are the borrowers under the Fifth Amended and Restated Credit Agreement and the Company guarantees their obligation thereunder. The Fifth Amended and Restated Credit Agreement provides the Borrowers with an $85,000,000 term loan facility which is secured by a first lien on substantially all of the Borrowers' and the Company's real and personal property. The proceeds of the term loans incurred under the Fifth Amended and Restated Credit Agreement were or will be used by the Subsidiaries to (a) repay all expenses, fees or indemnitees outstanding under the Fourth Amended and Restated Credit Agreement dated as of November 29, 2011, among the Subsidiaries, MUFG Union Bank, N.A. f/k/a Union Bank, N.A., as administrative agent, and the financial institutions from time to time party thereto as lenders (as amended), (b) finance capital expenditures associated with the Subsidiaries' oil and gas properties, (c) provide working capital for the Company's and the Subsidiaries' operations and (d) pay transaction fees and expenses incurred in connection with the transactions contemplated by the Fifth Amended and Restated Credit Agreement. The Fifth Amended and Restated Credit Agreement contains customary restrictions on, among other things the Borrowers' and the Company's ability to incur debt, grant liens on their property, make dispositions or investments, enter into mergers or issue new securities, make distributions, enter into affiliate transactions, enter into hedging contracts, amend their organizational documents and create new subsidiaries. In addition, the Fifth Amended and Restated Credit Agreement requires the Borrowers and the Company to maintain the following financial covenants as defined in the agreement: (i) a minimum Current Ratio of 1.0:1.0 as of the end of each fiscal quarter, (ii) a maximum First Lien Leverage Ratio of 2.0:1.0 as of the end of each fiscal quarter for the four immediately preceding fiscal quarters and (iii) a minimum PDP Asset Coverage Ratio of 1.0:1.0 as of January 1, 2015 and 1.1:1.0 as of April 1, 2015, July 1, 2015, January 1, 2016 and July 1, 2016.