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Amplify Energy Corp.'s lenders have cut the company's borrowing base by 33%, with further cuts planned on a monthly basis (which will result in a total decrease of 39% from its prior credit amount).
The redetermination resulted in a revised borrowing base of $285 million (down from $425 million) effective immediately with scheduled monthly reductions of $5 million until the borrowing base reaches $260 million on November 1, 2020.
The next regularly scheduled borrowing base redetermination is expected to occur in November 2020.
As of June 12, 2020, Amplify had total net debt of $264 million under its revolving credit facility, with a current borrowing base of $285 million and $21 million of cash on hand.
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Borrowing Base Cut
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