Vanguard Natural Resources entered into an amendment to its revolving credit facility and has completed the semi-annual redetermination of its borrowing base.
The redetermination resulted in a revised borrowing base of $1.325 billion, a decrease of 26% from the previous level of $1.8 billion.
Vanguard and its lending group have also agreed to amend certain terms of Vanguard’s revolving credit facility.
According to a related 8-K filing, Citibank served as administrative agent for the lender group.
As of May 26, 2016, Vanguard has $1.424 billion in outstanding borrowings and approximately $4.5 million in outstanding letters of credit, resulting in a deficiency of approximately $103.5 million, not including current cash on hand of approximately $40 million.
Under Vanguard’s credit agreement, the company will make six equal monthly installments of approximately $17.3 million beginning on June 27, 2016.
Houston-based Vanguard Natural Resources is a publicly traded limited liability company focused on the acquisition, production and development of oil and natural gas properties.