EV Energy Partners repurchases $74 million senior notes at a discount

By Tanya Meyer

Chicago, Dec. 7 – EV Energy Partners LP announced it has repurchased $74 million of its senior notes for $50 million in cash, a price of 67.6% of par, plus accrued interest.

Following the repurchase, EV Energy Partners will have $426 million of the notes outstanding.

The partnership also has $265 million outstanding under its credit facility and a borrowing base of $625 million, bringing its total outstanding debt to $691 million, according to a news release.

“This completes the senior note repurchases authorized under the recent amendment to our credit facility. These repurchases reduce total debt by approximately $24 million and annual interest expense by $4.8 million,” said Michael Mercer, president and chief executive officer of EV Energy Partners, in a news release.

EV Energy Partners is a Houston-based master limited partnership that acquires, produces and develops oil and natural gas properties.

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