Finance & Investing | Capital Markets
Banks Cut Eagle Rock Borrowing Base 15% to $270 Million
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Eagle Rock Energy Partners, L.P. announced that effective April 1, 2015, the borrowing base under its senior secured credit facility has been decreased from $320 million to $270 million as part of the Partnership's regularly scheduled semi-annual redetermination by its commercial lenders. The Partnership's borrowing base is redetermined semi-annually effective April 1 and October 1. The Partnership is comfortably in compliance with the financial covenants under its senior secured credit facility.
This follows the borrowing base cut of Mid-Con Energy Partners.
As of April 1, 2015, the Partnership's total liquidity was approximately $180 million, comprised of approximately $108 million of availability under its senior secured credit facility and approximately 3.1 million Regency units…
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