Energy Sliding to Session Lows; Global Geophysical Giving Back Earlier Gains After $105-Mln Refinance Deal


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Energy stocks are ending near their session lows with the NYSE Energy Sector Index declining 0.9% while shares of energy companies in the S&P 500 also are down 0.9% as a group.

In company news, Global Geophysical Services ( GGS ) is down 3.5% at $2.77 a share, giving back earlier gains that followed the oilfield services company saying it has secured a new, $105-mln loan facility with TPG Specialty Lending Inc. and funds managed by Tennenbaum Capital Partners LLC.

The new financing agreement provides for an $82.8 million Term A Loan and a $22.2 million Term B Loan. The package is expected to fully refinance GGS' existing revolving credit facility along with related fees and expenses as well as providing access to additional capital for potential strategic transactions in the future.

Shares pushed as high as $3.04 this morning, rising nearly 6% before easing back to their current range.

In other sector news,

(+) ZAZA, Expands its joint venture with EOG Resources Inc ( EOG ) to further develop its properties in the Eaglebine and Eagle Ford East shale formations in Texas.

(-) MRO, Raised to Buy from Hold at Argus, which set a price target of $42 a share.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: EOG , GGS

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