Legacy Reserves amends credit agreements to permit note refinancing

By Marisa Wong

Morgantown, W.Va., Sept. 21 – Legacy Reserves Inc. entered into amendments on Sept. 20 to its third amended and restated credit agreement dated April 1, 2014 with Wells Fargo Bank, NA as administrative agent and its term loan agreement dated Oct. 30, 2017 with Cortland Capital Market Services LLC as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendments modify some provisions in the existing credit agreements to, among other things, permit Legacy and its subsidiaries to redeem senior notes or refinance the debt with any combination of proceeds of permitted refinancing debt, cash proceeds of any sale of equity interests and an exchange for equity interests of the company.

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

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