American Eagle Energy Corporation closed a senior secured revolving credit facility with an initial borrowing base of $60 million. The borrowing base will be redetermined on a semi-annual basis. The credit facility interest rate ranges from LIBOR plus 175 bps to LIBOR plus 275 bps depending upon borrowing base utilization. The maturity date is August 27, 2019. As of closing, American Eagle has no outstanding indebtedness under the credit facility. SunTrust Robinson Humphrey, Inc. served as the sole lead arranger and bookrunner, and SunTrust Bank serves as the administrative agent.

The company also closed its previously announced offering of $175 million aggregate principal amount of 11.000% senior secured notes due September 1, 2019 (the "Notes") at an issue price of 99.059% of the aggregate principal amount of the Notes. American Eagle used a portion of the proceeds from the Notes to refinance its previous credit facility and to pay fees and expenses associated with the offering of the Notes and related to its previous credit facility. American Eagle plans to use the remaining proceeds from the Notes for general corporate purposes (including working capital). As of June 30, 2014, pro forma for the offering and sale of the Notes, payoff of the previous credit facility and entry into the new Credit Facility, the Company had $67 million in cash and the undrawn Credit Facility.

American Eagle Energy Corporation is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota, targeting the Bakken and Three Forks shale oil formations. The company is based in Denver, CO.