April 27, 2009 / 11:41 AM / 9 years ago

UPDATE 1-Cabot Oil & Gas completes $500 mln credit facility

* Completes new $500 mln revolving credit facility

* Says now has over $450 mln of borrowing capacity April 27 (Reuters) - Oil and gas producer Cabot Oil & Gas Corp (COG.N) said it completed a new $500 million unsecured credit facility with a three-year term to help it weather the current economic downturn.

The Houston-based company said its borrowing base now totals $1.35 billion.

“Both the credit facility and the borrowing base reflect an increase of $150 million from levels under our previous facility,” Chief Executive Dan Dinges said in a statement.

Cabot has over $450 million of borrowing capacity at present, Dinges added.

While J.P. Morgan Securities and Banc of America Securities LLC acted as joint book runners and co-lead arrangers for the facility, J.P. Morgan Chase Bank, served as an administrative agent.

Shares of the company closed at $28.39 Friday on the New York Stock Exchange.

For the alerts, double-click. [ID:nWNAB8395] (Reporting by Shradhha Sharma in Bangalore; Editing by Ratul Ray Chaudhuri)

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