EV Energy Partners, L.P. (EVEP) announced the repurchase of $74 million of outstanding Senior Notes for $50 million in cash, representing a price to par of 67.6 percent, 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.
“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,” stated Michael Mercer, President and CEO.
About EV Energy Partners, L.P.
EV Energy Partners, L.P. is a Houston based master limited partnership engaged in acquiring, producing and developing oil and natural gas properties. More information about EVEP is available on the Internet at www.evenergypartners.com.