Finance & Investing | Fundraising | Capital Markets
LINN Energy's Borrowing Base Drops to $3.6 Billion
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LINN Energy, LLC has completed its Fall 2015 borrowing base redetermination and entered into key amendments which provide additional flexibility in the current market environment.
Following the redetermination, LINN's maximum borrowing availability under its credit facility has been reduced to $3.6 billion and the borrowing base under the credit facility for Berry Petroleum Company, LLC has been reduced to $900 million, including $250 million of restricted cash previously posted as collateral with Berry's lenders. The Company's lenders have also approved a potential combination of the LINN and Berry credit facilities under certain conditions, subject to a combined borrowing base of $4.05 billion. LINN currently has undrawn capacity of approximately $790 million, assuming borrowings…
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