MIDLAND, Texas, March 10, 2011 (GLOBE NEWSWIRE) -- Legacy Reserves LP (Nasdaq:LGCY) announced today that it has entered into an amended and restated five-year, $1 billion secured revolving Credit Agreement with its Administrative Agent, BNP Paribas, its Syndication Agent, Wells Fargo Bank, N.A., and its Documentation Agent, Compass Bank, which are leading a syndicate of thirteen banks. The initial borrowing base has been increased to $500 million from $410 million, primarily reflecting Legacy's acquisition and development activities over the past six months. This borrowing base is scheduled to be redetermined every six months starting October 1, 2011. As of March 10, 2011, Legacy has $348 million of debt outstanding under the Credit Agreement, leaving approximately $152 million available. The LIBOR interest rate margin ranges from 1.75% to 2.75%, which is 0.25% to 0.5% lower than the previous Credit Agreement. The commitment fee on unused capacity remains the same at 0.5%. Legacy will initially be paying 2.25% over one month LIBOR, which is currently 0.26%, for an interest rate of approximately 2.5%. Legacy has LIBOR interest rate swaps in place with average fixed rates of 3.05% and terms expiring April through December of 2013 on $264 million of its debt.
Legacy Reserves LP Announces Entry Into Amended And Restated Credit Agreement And Promotion Of Jim Lawrence To Vice President-Finance
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