Mariner stock hits new high on increased borrowing base
Mariner Energy Inc.’s stock has hit a new high following the independent oil and gas exploration and production company ‘s announcement that it has increased its borrowing base by $150 million.
Late last week, Houston-based Mariner (NYSE: ME) announced that the borrowing base for its $1 billion secured revolving credit facility had been increased to $950 million, up from $800 million.
The credit facility is provided by a syndicate of 18 banks led by Union Bank, N.A., and BNP Paribas.
Mariner said it currently has about $613 million available under the credit facility.
On April 9, Mariner’s stock closed at its new 52-week-high of $17.55 , up 37 cents from the previous day’s close of $16.96. The stock has traded as low as $8.54 in the past year.
Filed under: finance by Fred