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Vanguard Natural Resources, LLC is reporting that its revolving credit facility is being decreased to $1.32 Billion down from $1.8 billion (-26%).
As of May 6, 2016 the company has $1.42 Billion in outstanding borrowings and approximately $4.5 million tapped in letters of credit. This results in a deficiency of $103 million.
The company intends to make six (6) equal monthly payments of $17.3 million in an attempt to remedy the deficiency.
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Redetermination/Borrowing base
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