EV Energy Partners LP (Nasdaq: EVEP) has repurchased $74 million of outstanding senior nNotes for $50 million in cash, representing a price to par of 67.6%, plus accrued interest. EVEP has approximately $426 million in senior notes outstanding after the repurchase.
The Partnership currently has $265 million outstanding under its credit facility and a borrowing base of $625 million. Total debt outstanding is $691 million.
Michael Mercer, president and CEO, said, "This completes the senior note repurchases authorized under the recent amendment to our credit facility. These repurchases reduce total debt by approximately $24 million and annual interest expense by $4.8 million.”