Finance & Investing | Fundraising | Capital Markets | Private Equity Activity
EP Energy Reaffirms Borrowing Base at $2.75 Billion
Print
|
EP Energy Corporation reported that its wholly-owned subsidiary EP Energy LLC has recently concluded the semi-annual borrowing base review of its reserve-based loan (RBL) credit facility and the lender group unanimously reaffirmed its current value of $2.75 billion. EP Energy LLC also extended the maturity date of the facility from May 2017 to May 2019, provided that the company's 2018 and 2019 Secured Term Loans and Senior Secured Notes are retired or refinanced six months prior to maturity. The RBL facility is supported by 27 financial institutions.
Brent Smolik, chairman, president and chief executive officer of EP Energy Corporation, commented: "We are pleased with the support of our lender group which reflects the high quality and growth of our asset base. We maintain extremely efficient operations with top-tier cost metrics. Both capital cost and operating costs have moved much lower. We also continue to significantly improve operational performance in all of our programs, including the Wolfcamp program where recent well results from enhanced completion designs are very encouraging. Our commodity hedge position is one of the best in the industry, and we maintain significant liquidity and financial flexibility to execute on our plan and build value for our shareholders."