Laredo Petroleum Holdings announced that its senior secured credit facility was amended to increase the borrowing base to $1 billion from $825 million. Following closing of the company’s previously announced divestment of its Anadarko Basin assets, expected during the third quarter of 2013, the borrowing base will be automatically reduced to $825 million. The senior secured credit facility matures July 1, 2016 and has capacity of $2 billion.
Wells Fargo Bank served as administrative agent for the credit facility which includes 18 banks. As of May 29, 2013, the outstanding balance under the company’s senior secured credit facility was $375 million.
Laredo Petroleum Holdings is an independent energy company with headquarters in Tulsa, Oklahoma. Laredo’s business strategy is focused on the exploration, development and acquisition of oil and natural gas properties primarily in the Permian and Mid-Continent regions of the United States.