Finance & Investing | Capital Markets | Private Equity Activity
EV Energy Repurchases $50 Million in Senior Notes
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EV Energy Partners, L.P. announced the repurchase of $74 million of outstanding Senior Notes for $50 million in cash, representing a price to par of 67.6 percent, plus accrued interest. EVEP has approximately $426 million in Senior Notes outstanding after the repurchase.
The Partnership currently has $265 million outstanding under its credit facility and a borrowing base of $625 million. Total debt outstanding is $691 million.
"This completes the Senior Note repurchases authorized under the recent amendment to our credit facility. These repurchases reduce total debt by approximately $24 million and annual interest expense by $4.8 million," stated Michael Mercer, President and CEO.
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