EAGLE ROCK ENERGY ANNOUNCED IT ENTERED INTO A FIVE-YEAR SENIOR SECURED CREDIT FACILITY (EROC)

Eagle Rock Energy (NASDAQ:EROC - Snapshot Report) announced that it has entered into a five-year senior secured credit facility with a syndicate of banks led by Wells Fargo, N.A. as administrative agent, Bank of America, N.A. and Royal Bank of Scotland plc as co-syndication agents, and BNP Paribas as documentation agent.

Initial commitments totaled $675 million, with the ability to increase commitments up to $1.2 billion.

"We are pleased with the support shown by our lender group, which includes several institutions continuing long-term relationships with Eagle Rock and others beginning new strategic relationships," said Jeffrey P. Wood, the Partnership's Chief Financial Officer. "The refinancing of our credit facility, together with our inaugural senior notes issuance last month, provides further long-term stability and financial flexibility to Eagle Rock's capital structure as we continue to focus on our growth strategy."

Eagle Rock Energy has a potential upside of 27% based on a current price of $11.02 and an average consensus analyst price target of $14.

Eagle Rock Energy is currently below its 50-day moving average (MA) of $11.37 and should find support at its 200-day MA of $9.09.

In the last five trading sessions, the 50-day MA has climbed 0.24% while the 200-day MA has risen 0.76%.

Eagle Rock Energy Partners LP gathers, compresses, treats, processes, transports and sells natural gas, and fractionates and transports natural gas liquids. The Company also acquires, produces, and develops, oil and natural gas properties.