Breitburn to draw from credit facility to purchase oil and gas assets

By Susanna Moon

Chicago, Oct. 29 – Breitburn Energy Partners LP’s wholly owned subsidiary Breitburn Operating LP plans to draw from its bank credit facility to fund its planned acquisition, according to an 8-K filing with the Securities and Exchange Commission.

The total lender commitments under the facility are $1.4 billion, and there was about $570 million of debt outstanding under the bank credit facility as of Oct. 27.

The company entered into a contribution agreement on Oct. 24 with Antares Energy Co. to acquire oil and gas properties in the Midland Basin, Texas, in exchange for $50 million cash and 4.3 million common units representing limited partner interests in the partnership.

Breitburn is a Los Angeles-based oil and gas master limited partnership.

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