Legacy Reserves lifts credit agreement borrowing base to $950 million

By Toni Weeks

San Luis Obispo, Calif., May 28 - Legacy Reserves LP amended its credit agreement with Wells Fargo Bank, NA as administrative agent on May 22, increasing the borrowing base to $950 million from $800 million, according to an 8-K filing with the Securities and Exchange Commission.

The increase in the borrowing base is contingent on the completion of acquisitions that the company is undergoing.

The amendment also changed the required ratio of total debt to EBITDA to 4.50 to 1.00 from 4.00 to 1.00 through June 30, 2015, at which time the ratio will return to the lower level.

Wells Fargo Securities, LLC is the sole lead arranger and sole bookrunner for the facility. Compass Bank is the syndication agent. UBS Securities LLC and U.S. Bank NA are the co-documentation agents.

The company is a Midland, Texas-based independent oil and natural gas limited partnership.

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