Berry Petroleum to repay RBL facility via stock offering proceeds

By Marisa Wong

Morgantown, W.Va., June 29 – Berry Petroleum Co. plans to repay borrowings under its reserves-based lending facility due July 29, 2022 using proceeds from an offering of common stock, according to an S-1 filing with the Securities and Exchange Commission.

Proceeds from the up to $100 million stock sale will also be used to fund cash payable to holders of the company’s series A preferred stock in connection with a preferred stock conversion. Any remaining proceeds will be used for general corporate purposes.

The company entered into the $1.5 billion RBL facility in July 2017.

Bakersfield, Calif.-based Berry Petroleum owns and operates oil and gas properties in California, Colorado, Utah, Kansas and Texas.

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