EV Energy Partners LP (NASDAQ: EVEP) has entered into an amendment to its senior secured credit facility that, among other things, increases the borrowing base from $500 million to $625 million.
Additionally, EVEP's debt to EBITDAX ratio covenants were amended as follows:
- Senior secured funded debt to EBITDAX ≤ 3.00x through the quarter ending Dec. 31, 2016
- Total debt to EBITDAX ≤ 5.50x for the quarters ending March 31 and June 30, 2017
- Total debt to EBITDAX ≤ 5.25x for the quarters ending Sept. 30 and Dec. 31, 2017
- Total debt to EBITDAX ≤ 4.25x for the quarter ending March 31, 2018, and thereafter
The next scheduled borrowing base redetermination is April 2016.