EV Energy Partners entered into an amendment to its senior secured credit facility that, among other things, decreases the borrowing base from $625 million to $450 million.

According to a related 8-K filing, JPMorgan Chase served as administrative agent.

EVEP’s debt-to-EBITDAX ratio covenants were also amended. The amendment also includes an interest coverage ratio covenant, which measures the ratio of EBITDAX for the last four fiscal quarters to cash interest expense for the same period.

The next scheduled borrowing base redetermination is October 2016.

“Given the decline in forward commodity prices that banks are using, the borrowing base reduction was in line with our expectations. Accounting for the reduction in available borrowing base capacity, we have over $200 million of liquidity, which is sufficient to meet our near term capital needs,” said Michael Mercer, president and CEO.