Plains Resources revises revolver to allow $150 mln buybacks

New York, Oct. 10 - Plains Resources Inc. said it amended its $225 million senior secured revolving credit facility to allow buybacks of up to $150 million of its securities.

The buybacks, authorized by the Houston company's board, cover any combination of common stock, senior subordinated notes and Plains All American Pipeline, LP units.

Plains Resources' credit facility is led by J.P. Morgan Securities Inc. and First Union Securities Inc.

The energy company said the revision gives it the flexibility to "access value-creating opportunities for shareholders as favorable market opportunities arise."

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