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September 29, 2009 (FinancialWire) -- RAM Energy Resources, Inc. (NASDAQ: RAME | Quote | Chart | News | PowerRating) reported that the company's existing borrowing base of $175.0 million on its revolving credit facility was reaffirmed by the company's commercial lenders as a result of RAM's regularly scheduled semi-annual borrowing base redetermination.
The company's $250 million revolving credit facility had a borrowing base of $175 million in April 2009. As a result of the semi-annual borrowing base redetermination, RAM's commercial lenders reaffirmed the borrowing base of $175 million based on the value of the company's proved reserves at June 30, 2009. Funds advanced under the revolver may be paid down and re-borrowed during the term of the revolver which matures November 2011.
At June 30, 2009 the outstanding balance under the revolving facility was $142.0 million, with remaining availability of $32.8 million, net of $0.2 million for outstanding letters of credit. The balance of the term loan portion of the credit facility was $113.4 million at June 30, 2009 with a maturity of November 2012. The weighted average LIBOR-based interest rate on total outstanding borrowings under both the revolver and term loan is estimated to be approximately 8.0 percent during the third quarter 2009.
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Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).
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