Legacy Reserves LP (Nasdaq: LGCY) announced that it has secured commitments from its bank group to expand its borrowing base to $600 million from the previous $565 million under its $1 billion secured revolving credit agreement with its administrative agent, Wells Fargo Bank, National Association, its syndication agent, Compass Bank, and its co-documentation Agents, UBS AG and U.S. Bank National Association.
After closing an acquisition of Permian Basin properties for approximately $11.8 million on Oct. 1, 2012, Legacy had $462 million of debt outstanding under its credit agreement, leaving approximately $138 million available. The borrowing base is next scheduled to be redetermined on or about April 1, 2013.
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