Baron Energy (OTCBB:BROE): Private Lender Shores Balance Sheet
Baron Energy (OTCBB:BROE), an independent oil and gas company, today announced that it has successfully restructured its bank debt into a private loan under favorable terms.
Baron put out some PR today and CEO Steinocher commented, "Moving our loan from American State Bank is an extremely positive step for Baron and something which we have been working on since our February merger. We now have a much more amenable loan structure. This new loan will not only provide us with more immediate financial flexibility but should also be seen as a significant and positive step forward for assisting with the implementation of our pending acquisitions."
Mr. Steinocher added, "The refinancing was into a straight term note with no convertibility feature; no equity was issued with the note."
I had a quick Q&A with Ronnie about this loan and the credit market in general. See below:
Q1. What is the relationship with your lender? Long-term relationship?
On August 31, 2010 we replaced our bank loan with a private note. Although the terms of the note are not disclosed at this time they are much more amenable to our current state. We are currently seeking a single financial partner to support our growth objectives for the long term.
Q2. How have you seen the lending cycle for your company, what surprises you?
Bank lending, in general, is much more conservative than prior to the recession. This is not surprising considering the state of the economy and the overall sentiment for business in general these days. We would like to see financial institutions have a better understanding of the things that can mitigate lending such as hedging, strategic partnerships, and the way projects are developed, including timing of capital infusion and execution of work programs.
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