Encore Acquisition amends loan to increase borrowing base by $100 million

By Sara Rosenberg

New York, May 4 - Encore Acquisition Co. amended its credit facility, increasing the borrowing base to $500 million from $400 million and increasing availability of letters of credit to 20% of the borrowing base from 15%, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Furthermore, the definition of EBITDA was changed to add back exploration expense.

The amendment was completed on April 29.

Bank of America is the administrative agent on the deal.

Encore Acquisition is a Fort Worth, Texas-based independent energy company.

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