Midstates Petroleum reaffirms $525M revolving credit facility

As a result of Midstates Petroleum Co. Inc.’s (NYSE: MPO) lenders' semiannual review, the borrowing base under its revolving credit facility has been reaffirmed at $525 million, with no reduction upon the anticipated closing in April of the Dequincy property sale.

The company also amended the leverage ratio covenant associated with the borrowing base to expand it to 4.5 times through Dec. 31. The borrowing base is supported solely by the company's Midcontinent assets and on Dec. 31, 2014, the company had $435 million drawn under this facility.

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