Wells Agents Alta Mesa Borrowing Base Increase
Alta Mesa Holdings announced its lenders completed the semi-annual redetermination of the company’s borrowing base. The facility is provided by a syndicate of ten banks agented by Wells Fargo Bank and co-agented by Union Bank.
Pursuant to the terms of the reserve-based revolving line of credit facility, the borrowing base has been increased by the lenders to $375 million. This represents an increase of $25 million over the previous level of $350 million.
The facility is available to provide funds for the exploration, development and or acquisition of oil and gas properties and for working capital and other general corporate purposes.
Alta Mesa is in compliance with all of the financial covenants associated with the credit facility, and the next scheduled redetermination of the borrowing base is May 1, 2015.