Eagle Rock Energy Partners LP (Nasdaq: EROC) has increased the upstream component of the borrowing base under its senior secured credit facility from $375 million to $380 million.
The increase is part of the partnership's regularly scheduled semi-annual redetermination by its commercial lenders and is effective Oct. 1.
The partnership's total borrowing base, including its midstream component as last determined as of June 30 and giving effect to the new upstream component, is $808 million. The total borrowing capacity under the senior secured credit facility is limited to the lower of the borrowing base and the total lender commitments, which remain unchanged at $820 million.
The upstream component of the partnership's borrowing base is redetermined semi-annually effective April 1 and Oct. 1, while the midstream component is calculated quarterly with delivery of the partnership's financial statements.
Eagle Rock Energy Partners LP gathers, compresses, treats, processes, transports and sells natural gas, and fractionates and transports NGLs. The company also acquires, produces, and develops, oil and natural gas properties. The company is based in Houston.