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Legacy Reserves amends loan, increasing borrowing base
By Sara Rosenberg
New York, April 25 - Legacy Reserves LP amended its credit facility, increasing the borrowing based to $272 million, according to an 8-K filed with the Securities and Exchange Commission Friday.
In addition, the amendment provides that the borrowing base will be increased further to $320 million in conjunction with the acquisition of Permian Basin and Mid-continent oil and natural gas producing properties, which is scheduled to close on April 30.
Pricing on the loan can range from Libor plus 125 basis points to 187.5 bps, based on use.
As part of the increase to the borrowing base, Bank of Nova Scotia was added to the lender group.
The amendment was completed on April 24.
BNP Paribas is the administrative agent on the deal.
Legacy Reserves is a Midland, Texas-based oil and natural gas limited partnership.
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