Debt | Financial Trouble | Capital Markets | Credit Facility Change
LINN Exploring Strategic Alternatives; Taps Out Credit Facility
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LINN Energy, LLC and LinnCo, LLC has initiated a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the Company.
The Company recently borrowed approximately $919 million from LINN's credit facility, which represented the remaining undrawn amount that was available under the Credit Facility. These funds are intended to be used for general corporate purposes. Total borrowings under the Credit Facility are now $3.6 billion. Berry Petroleum Company LLC's credit facility remains fully utilized at $900 million, including $250 million of restricted cash posted as collateral.
Mark E. Ellis, Chairman, President and Chief Executive Officer, said: "Efficient management of our stable asset base and aggressive cost management are driving meaningful…
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