Memorial Resource to take out revolver with senior note proceeds

By Sara Rosenberg

New York, Dec. 9 - Memorial Resource Development LLC plans on retiring its revolving credit facility using proceeds from a $350 million senior PIK toggle notes offering, according to a market source.

Remaining proceeds will be used to finance a distribution to the funds managed by NGP and fund additional liquidity, including a debt service reserve.

Memorial Resource is a Houston-based upstream master limited partnership focused on the acquisition, production and development of oil and gas properties.

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