Capital Markets | Private Equity Activity
Memorial Production's Borrowing Base Cut 21% to $925MM
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Memorial Production Partners LP has entered into an amendment to its revolving credit facility and has completed the semi-annual redetermination of its credit facility borrowing base.
The redetermination resulted in a revised borrowing base of $925 million, a decrease of 21% from the previous level of $1,175 million. In addition, MEMP and the commercial bank lending group have agreed to amend certain terms of MEMP's revolving credit facility. Management believes the revised credit facility will provide additional flexibility to the Partnership. Among other things, the new terms include:
Addition of maximum first lien secured leverage covenant of 3.25x Additional restrictions on future cash distributions: If the total debt ratio (total debt at the time of the distribution divided by…- ✓ Full news archive — U.S., Canada & international coverage
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