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Mid-Con Energy Partners, LP has reported that its lenders have decreased its borrowing base from $110 to $95 million.
Other changes to the agreement include:
- Extending the Maturity Date to May 1, 2021
- Instituting a Borrowing Cap of $85 million and requiring the Partnership to have a Consolidated Funded Indebtedness to Consolidated EBITDAX of less than 3.0 to 1.0 to make any borrowings above the Borrowing Cap
- Requiring the Partnership's Leverage Ratio of Consolidated Funded Indebtedness to Consolidated EBITDAX not to exceed:
- 4.0 to 1.0 for the quarter ending December 31, 2019,
- 3.75 to 1.0 for the quarter ending March 31, 2020, and
- 3.5 to 1.0 for the quarter ending June 30, 2020 and thereafter.
The next regularly scheduled Borrowing Base redetermination will occur in the spring of 2020.
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