Encore Acquisition to repay revolving credit facility with notes proceeds

By Sara Rosenberg

New York, April 22 - Encore Acquisition Co. plans on repaying borrowings under its revolving credit facility using proceeds from a senior subordinated notes offering, according to a news release.

At March 31, Encore had $353 million drawn under its revolver, which has a $900 million borrowing base, and $185 million drawn under the Encore Energy Partners LP revolver, which has a $240 million borrowing base.

During the first quarter ended March 31, Encore repaid $187 million of revolver borrowings using proceeds from the monetization of certain oil derivative contracts.

Encore is Fort Worth, Texas-based company engaged in the acquisition and development of oil and natural gas reserves from onshore fields.

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