Under the terms of the deal, Clayton Williams issued Ares 2.25 million warrants to buy Clayton Williams stock at $22 per share as well as allow Ares to appoint two members to the Clayton Williams board of directors.
Clayton Williams is using the cash to pay down its revolving credit facility and fund its operations.
At the same time, Clayton Williams amended its credit facility to lower the total lender commitment to $100 million and loosen certain covenants.
The
