Atlas Resource Partners LP amended its revolving credit facility and completed its semiannual borrowing base redetermination, decreasing it by about 6.7% from the previous level, the company said Nov. 23.
The base is now at $700 million. Under the agreement with its commercial bank lending group, there were suspensions on maximum total leverage covenants and the elimination of the senior secured leverage covenant. There was the addition of maximum first-lien secured leverage covenant of 2.75x and the ability to add additional subordinated secured debt.
The total leverage ratio was about 5.1x during the third quarter of 2015. The next borrowing base redetermination is expected to occur in May 2016.
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