HOUSTON, Oct. 8, 2015 /PRNewswire/ — EV Energy Partners, L.P. (NASDAQ: EVEP) announced that it 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 December 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 September 30 and December 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.
“Given the volatility in commodity markets and the uncertainty over its duration, securing access to capital and maintaining sufficient liquidity are among EVEP’s top priorities and we appreciate the continued support of our bank group in this process. With this increased borrowing base we currently have over $425 million of available liquidity in undrawn borrowing base and cash,” stated Michael Mercer, President and Chief Executive Officer.
About EV Energy Partners, L.P.
EV Energy Partners, L.P. is a master limited partnership engaged in acquiring, producing and developing oil and natural gas properties. More information about EVEP is available on the Internet at http://www.evenergypartners.com.
(code #: EVEP/G)