Legacy Reserves buys back $169.4 million of senior notes in Q1

By Wendy Van Sickle

Columbus, Ohio, May 4 – Legacy Reserves LP has repurchased $169.4 million of its 8% senior notes and its 6 5/8% senior notes since the beginning of 2016, according to a press release.

The repurchases included about $52 million of the 8% notes, leaving about $247.99 million of those notes outstanding, and about $117 million of the 6 5/8% notes, leaving about $432.66 million of those notes outstanding.

The repurchases were made through the open market using some proceeds of asset sales.

However, following the company’s recent credit facility redetermination, Legacy is barred by the terms of its credit agreement from repurchasing additional notes, because the company’s ratio of total debt to EBITDA currently exceeds 4 times.

Legacy Reserves is a Midland, Texas-based company focused on the acquisition and development of oil and natural gas properties.

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