Legacy allowed $750 million senior notes via amended credit agreement

By Toni Weeks

San Luis Obispo, Calif., May 17 - Legacy Reserves LP entered into the fifth amendment to its second amended and restated credit agreement with Wells Fargo Bank, NA as administrative agent, lifting the permitted amount of senior notes that may be outstanding under the agreement to $750 million from $500 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also increased the total amount of some permitted investments to $20 million from $4 million.

According to the filing, the lenders have provided a limited waiver to the partnership's compliance with the interest-rate hedging covenant with respect to interest-rate swap agreements that are outstanding and were entered into prior to Wednesday, the effective date for the fifth amendment.

Midland, Texas-based Legacy is an oil and gas exploration and production company.

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