Quest Energy sees $30 million reduction in revolver borrowing base

By Sara Rosenberg

New York July 6 - Quest Energy Partners LP's borrowing base under its revolving credit facility was reduced to $160 million from $190 million, according to a news release.

As of July 3, borrowings outstanding under the revolver were $174 million, so the company will use some of its about $28 million cash balance to eliminate the $14 million borrowing base deficiency.

After eliminating the borrowing base deficiency and making the scheduled principal payment of $3.8 million on its second-lien term loan in mid-August, the company expects to have total outstanding borrowings of $189.8 million.

The second-lien term loan matures on Sept. 30.

"We continue to diligently pursue various options to restructure or refinance this term loan," said David C. Lawler, president and chief executive officer, in the release.

Quest Energy Partners is an Oklahoma City-based acquirer, exploiter and developer of natural gas and oil properties.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.