Midstates amends credit facility, lifts borrowing base to $500 million

By Toni Weeks

San Luis Obispo, Calif., Sept. 30 - Midstates Petroleum Co., Inc. and subsidiary Midstates Petroleum Co. LLC amended their credit agreement on Sept. 26 with SunTrust Bank, NA as administrative agent, according to an 8-K filed Monday with the Securities and Exchange Commission.

With the amendment, the borrowing base was increased to $500 million from $425 million due to the regular semiannual borrowing base redetermination under the facility. The next redetermination is scheduled for April 1, 2014, according to the 8-K.

The amendment also amended the facility so that the subsidiary's ratio of total net debt to EBITDA for the trailing four-fiscal-quarter period ending on the last day of such fiscal quarter cannot exceed 4.75:1.0 for the fiscal quarters ending Sept. 30, Dec. 31 and March 31, 2014; 4.25:1.0 for the fiscal quarters ending Sept. 30, 2014 and Dec. 31, 2014; and 4.00:1.0 for the fiscal quarter ending March 31, 2015 and each fiscal quarter thereafter.

Houston-based Midstates is an independent exploration and production company.

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