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Article: Pogo Deal Syndicated.(Pogo Producing Co. credit facility)(Brief Article)
- Article from:
- Bank Loan Report
- Article date:
- February 26, 2001
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Pogo Producing Co. has completed a $515 million credit facility with Bank of Montreal, the proceeds from which will be used for the company's purchase of Noric Corp. The loan was increased from the initially syndicated $500 million and is structured as a five-year revolving credit facility.
The purchase price for Noric, the parent company of North Central Oil Corp., is $630 million, of which $315 million will be paid in cash and $315 million in common stock. Pogo will also assume North Central's current $120 million of debt.
Four other banks were brought aboard to participate in the loan. Toronto Dominion Bank serves as the syndication agent, with BNP ...